GameStop posts a surprising quarterly profit

GameStop posted a net profit of $48.2 million in the fourth quarter as the company slashed expenses. "We're aggressively focused on year-over-year profitability improvement while still pursuing pragmatic long-term growth," CEO Matt Furlong said. "We're taking a number of steps in fiscal year 2023 to improve our efficiency and support these overarching goals. These include continuing to cut excess costs, including in Europe, where we have already initiated exits and partial winds downs in certain countries."