They have not made a ton of money yet, but they have turned the business around in a significant way. Where GameStop lost money every quarter from 2019 to 2023, it has now had 8 profitable quarters in a row.
The fact that investors are giving GameStop money is a good thing for GameStop; It is a signal of confidence. It is not a detriment like you try to position it.
They also just closed another 470 stores this year. Sales are half of what they were in 2019.
Basically they got a huge cash infusion from memestock hodlers trying to get to the moon. Greater than half of their profits are now from the interest on that money, which is wild.
However, the retail business itself is still failing because no one buys video games at the mall anymore.
The fact that investors are giving GameStop money is a good thing for GameStop; It is a signal of confidence. It is not a detriment like you try to position it.