We recently published 10 Big Names Ending January With Explosive Gains. GameStop Corp. (NYSE:GME) was one of the top performers on Friday.
GameStop grew its share prices by 4.78 percent on Friday to close at $23.88 apiece as investors digested announcements that it is set to acquire a huge company that could support its transformation into a several-hundred-billion-dollar entity.
“It’s gonna be really big. Really big. Very, very, very big,” GameStop Corp. (NYSE:GME) CEO Ryan Cohen said in an interview with CNBC on the same day, adding that the plan could be genius or totally foolish. He did not divulge further details about the firm.
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Cohen added that the planned acquisition is going to be “transformational not just for Gamestop, but ultimately, within the capital markets.”
“This is something that really has never been done before within the history of the capital markets.” he noted.
GameStop Corp.’s (NYSE:GME) ambitions followed an equity incentive program for Cohen in January that will only pay out if it reaches a $100 billion in market capitalization and earnings before interest, tax, depreciation and amortization of $10 billion.
Cohen took over as chief in September 2023 and has since been successful in cutting costs and growing GameStop Corp.’s (NYSE:GME) profitability.
In the third quarter last year, the company grew its net income by 343 percent to $77.1 million from only $17.4 million in the same period in 2024, bringing its nine-month tally to $290.5 million versus none year-on-year.
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Disclosure: None. This article is originally published at Insider Monkey.
