GameStop (GME) stock rockets 38% higher on earnings results
On the strength of a better-than-expected Q4 2022 earnings report, GameStop (GME) stock has shot up in after hours trading.
Expectations varied heading into Tuesday's GameStop Q4 2022 earnings report, but few thought that the company would have this good a day. GameStop (GME) reported in with a high profit margin and an even larger amount of cash on hand. That has led to a rally on the stock market, where GME's stock has gone up by as much as 38 percent in after hours trading.
According to Yahoo! Finance, GameStop Corp. (GME) finished Tuesday's trading at $17.65 per share. That's up 4.62 percent, but the after hours trading has the stock at $23.27 per share, as of the time of this post. That's a 31 percent increase, which comes shortly following the after hours peak increase of 38 percent.
GameStop (GME) Q4 2022 earnings exceeded expectations on the strength of hardware, software, and collectibles sales. Hardware sales, specifically, accounted for $1.23 billion of the company's overall net sales. The company also finished the last quarter with $1.391 billion of cash on hand.
It should be interesting to note that there was no mention of the GameStop NFT Marketplace or any of the company's crypto endeavors. Whether GameStop will continue to trend positively and whether its future direction includes the crypto marketplace remains to be seen. We expect to learn more during today's GameStop (GME) Q4 2022 earnings call, which can be viewed in the embed below.
We'll have more on GameStop (GME) over the next day and beyond. For the latest news, be sure to follow Shacknews. We'll be back with any updates.
Ozzie Mejia posted a new article, GameStop (GME) stock rockets 38% higher on earnings results