North American video game retailer GameStop surprised investors by posting its first quarterly profit in two years. Some of the gains are likely due to an influx of PlayStation 5, Xbox Series X|S consoles that have previously suffered severe shortages due to the COVID-19 pandemic and resulting supply chain issues. Shares in GameStop are now up more than 40%. CNBC reports that the company has been working hard to return to profitability, in part by cutting costs. You can read more here.
Furlong said during a call with investors that the company is in a better position compared to 2021, when many “predicted we were headed for bankruptcy.” “GameStop is a much healthier business today than it was at the start of 2021,” he said.
