Home » Markets » GameStop shares surge on multiyear partnership with Microsoft to create 'ultimate gaming destination'
GameStop shares surge on multiyear partnership with Microsoft to create 'ultimate gaming destination'
Video game industry wins during coronavirus
Needham & Company senior analyst Laura Martin explains why video game sales skyrocketed during the pandemic, including the lack of live sports, and sees the video game industry will continue to increase in revenue.
Shares of GameStop have surged more than 30% Thursday afternoon on a multiyear partnership with Microsoft in which the video game retail giant will utilize the tech company's cloud solutions in order to create the “ultimate gaming destination.”
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Prior to the announcement, GameStop stock had temporarily halted trading on the New York Stock Exchange.
GAMESTOP SOARS AS ACTIVIST INVESTOR WANTS TO PLAY
Microsoft, the creator of the Xbox gaming console, will leverage GameStop's retail stores to offer an expanded variety of product offerings including Xbox All Access, which will provide an Xbox console and 24 months of Xbox Game Pass Ultimate to players with no upfront cost.