GameStop (NYSE:GME) shares jumped more than 50% intra-day today after the company reported its first profitable quarter since January 2021. The company reported a net income of $48.2 million, which stands in stark contrast to the $147.5 million net loss it incurred during the prior year's fourth quarter.

Q4 EPS was $0.16, coming in above the Street estimate of ($0.13). Revenue of $2.23 billion also beat the Street estimate of $2.18 billion. During a post-earnings call with investors on Tuesday, GameStop CEO Matt Furlong attributed the company's profit to cost-cutting measures, adding that it is focused on future profitability and long-term growth.