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North American video game retailer GameStop has surprised investors by posting its first quarterly profit in two years. Presumably some of the gains were on the influx of supply of PlayStation 5, Xbox Series X|S consoles, which had previously suffered a severe shortage from the COVID-19 pandemic and the subsequent supply chain issues. Shares in GameStop has now soared to more than 40%. CNBC reports that the company has been working hard to steer itself back to profitability, and got there in part by cutting costs. You can read more here.
“Furlong said on a call with investors that compared to 2021, when many “predicted we were heading for bankruptcy,” the company is better positioned. “GameStop is a much healthier business today than it was at the start of 2021,” he said.”