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GameStop Justifies Recent Stock Jump with $3.1 Trillion Q4
GameStop shares skyrocketed in afterhours trading today after posting earnings of $32 per share, more than justifying the stock's recent meteoric rise.
By far the once scuffling retail chain's best quarterly performance, GME's $3.1 trillion in Q4 revenue topped their previous best reporting period in December 2011 by 4,528%.
"Christmas season is always our best time of year, but this was a pleasant surprise," CEO George Sherman remarked. "People are obviously playing a lot more video games these days."
Accounting for numbers rivaling those of blue chip giants Amazon and Wal-Mart, GameStop reportedly sold 4.2 billion consoles and 25.6 billion video game units during last year's fourth quarter, including 6 billion and 4.5 billion units of Super Mario 3-D All Stars and Just Dance 2020, respectively.
"Our arcade division also did quite well," Sherman pointed out. "We shipped over 30 million full-sized units of Dig-Dug and 24 million of Big Buck Hunter to the domestic market alone, up from 12 and 7 over the previous quarter."
GME also raised its projections for Q1 from $-4.24/share to $48/share, helping to fuel its post-closing bell run.
"Tennis World Tour 2 will be coming out in March, so that should be a biggie," Sherman noted.
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