GameStop shares jump 38% on Q4 beat

March 21, 2023 4:27 PM EDT

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GameStop (NYSE: GME) shares surged more than 38% after-hours following the company’s reported Q4 results, with EPS of $0.16 coming in better than the consensus estimate of ($0.13). Revenue was $2.23 billion, beating the Street estimate of $2.18B.

Q4 net income came in at $48.2 million, which represents a quarterly profit for the first time in 24 months. The company ended the year on a positive note after dealing with challenges such as decreased sales, inventory difficulties, and cash flow pressure.

Full-year net sales were $5.927B, compared to $6.011B for 2021, with the company posting increased sales in the collectibles category, which is an area in which it continues prioritizing long-term growth.

By Davit Kirakosyan

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