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GameStop Stock Rises on Strong Earnings and Dividend Announcement
GameStop Stock Rises on Strong Earnings and Dividend Announcement
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BTCCSquare news:
GameStop (GME) surged more than 3% in Wednesday's trading session, outpacing the broader market's modest 0.3% gain. The meme stock darling reported second-quarter revenue of $972 million, a 22% year-over-year increase, and GAAP net income of $138 million ($0.25 per share), far exceeding analyst estimates of $823 million in revenue and $0.16 per share in profit.
The company's cash reserves more than doubled to $8.7 billion, while its inventory stood at $529 million. Investors also reacted positively to an atypical dividend declaration announced after Tuesday's market close, further fueling the stock's upward momentum.
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