GameStop Swings to a Profit Despite Revenue Dip | Global News Avenue

Game Stop(Society of General Mechanical Engineers) turned a profit in the third quarter despite a year-over-year revenue decline. Shares soared in after-hours trading on Tuesday on the news.

The video game retailer reported a profit of $17.4 million, or 4 cents a share, on revenue of $860.3 million, compared with a loss of $3.1 million, or 1 cent a share, on revenue of $1.08 billion a year ago.

game station not widely covered On Wall Street, Wedbush’s Michael Pachter is the only analyst tracked by Visible Alpha. In a note on Friday, he reiterated an “underperform” rating and $10 price target on the stock, writing that “the company’s plans to return to growth face insurmountable obstacles.”

GameStop was meme stocks Last week, social media influencer Keith Gill (better known as he is better known) was once again thrust into the spotlight with a cryptic post on X. “Roaring Kitten”——Sent Share price rose 14% There was a brief spike Thursday afternoon.

GameStop shares rose more than 10% in after-hours trading and were up about 54% in 2024 as of Tuesday’s close. most harvest In May and June of this year, Gill posted about the retailer on multiple occasions. Meme Trading Frenzy Hold the stock in late 2020 and early 2021.