:GameStop Corp on Tuesday posted a surprise profit for the fourth quarter, its first since early 2021, as lower costs and job cuts padded the videogame retailer's bottom line, sending its shares nearly 50 per cent higher in extended trading.
"We're aggressively focused on year-over-year profitability improvement while still pursuing pragmatic long-term growth," CEO Matt Furlong said in a post-earnings conference call."It's unlikely that they can grow by spending less. I expect them to return to losses again next quarter, and think this is a one-off result," said Wedbush Securities analyst Michael Pachter.
Just three analysts had provided estimates for the quarter, however, as several stopped covering GameStop after traders on Reddit's wallstreetbets forum drove a massive surge in the stock across 2020 and 2021 with no fundamentals driving the rally. Wedbush's Pachter also said the rise in gross margin to 22.5 per cent from 16.8 per cent was well below historical levels of 24 per cent to 29 per cent.
Source: News Formal (newsformal.com)
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