:GameStop Corp posted a surprise profit for the fourth quarter and surpassed revenue expectations as the videogame retailer trimmed costs and reduced headcount, sending its shares more than 32 per cent higher in extended trading.
GameStop has also been targeting profitability by reining in expenses and focusing on higher-margin collectibles and pre-owned product categories. Its selling, general and administrative costs fell by about 16 per cent in the quarter. The stock, which is popular among retail investors, lost about half its value last year and has declined 4 per cent so far this year.
Source: News Formal (newsformal.com)
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