GameStop's surprise profit triggers short squeeze, meme stocks rally
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GameStop (GME) leads meme stock rally after posting surprise 4Q profit
March 22, 2023 12:27 PM EDTShares of GameStop are up 37.28% in mid-day trading on Wednesday after the video game retailer posted its first profitable quarter since January 2021. The company reported a net income of $48.2 million, compared to a net loss of $147.5 million for the prior years fourth quarter.
Shares for other meme stocks popularized during the pandemic, including AMC Entertainment and Bed Bath & Beyond, also increased as a result.
GameStop CEO Matt Furlong told investors during a post-earnings call Tuesday that the companys profit was impacted mainly by a decision to cut costs,... More
