Video game retailer GameStop has released its latest quarterly report, and it was a banner period for the company.
GameStop posted a quarterly profit of $389.6 million for its fiscal Q1, and that was the highest-ever quarterly profit in the company's history. This compares to a profit of $44.8 million for the same period last year.
Revenue surged as well, rising from $732.4 million during Q1 last year to $835.3 million this year. GameStop also continued to cut costs, with selling, general, and administrative costs falling from $228.1 million to $201.6 million.
GameStop's stock price is surging in after-hours trading, jumping by more than 7% and boosting GameStop's market cap by billions. It may settle back down tomorrow, however.
GameStop has made dramatic, deep cuts to return to profitability. This has included layoffs, store closures, selling off the Game Informer magazine, and other cost-cutting measures.
GameStop also announced that it now has $9.7 billion in
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