$48.2 million. That’s how much GameStop earned in net income for the fourth quarter of 2022, after recording losses of $147.5 million the previous year.
in net income for the fourth quarter of 2022, after recording losses of $147.5 million the previous year.GameStop’s stock and sale numbers had fallen for years before a pandemic-driven meme-trading craze between 2020 and 2021.
The company suffered as video games become more available for digital download, making it unnecessary for consumers to visit physical stores. Users of the Reddit forum “WallStreetBets” bought GameStop stock en masse to a short-squeeze play, causing hedge funds to lose billions, with Melvin Capital going out of business a year later because of its heavy losses from the effort. Other stocks were then popularized on social media as a result, including AMC and Bed Bath & Beyond.
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