GameStop soars 35% after turning profit for first time in 2 years

GameStop shares soared 35% in early Wednesday trading after the video game retailer, which was at the center of the 2021 meme stock craze, reported its first profit in two years. The Texas-based chain posted an adjusted profit of $48.2 million, or 16 cents per share, for the fourth quarter, compared to a loss of $147.5 million, or 47 cents per share, a year ago. The company, which counts billionaire investor Ryan Cohen as chairman and majority shareholder, said that its costs declined in the fourth quarter by 16%. GameStop’s...