GameStop Corp.'s stock price surged 10.15% on October 28, 2024, closing at $22.73 per share. The significant rally was driven by positive investor sentiment surrounding the company's recent growth through strategic partnerships.
A key factor contributing to GameStop's stock surge was the outstanding performance of its partner, Zip Co Limited, a digital financial services company. Zip Co reported a remarkable 233.7% increase in EBTDA (earnings before taxes, depreciation, and amortization) for the first quarter of its fiscal year 2025, fueled by its ongoing U.S. expansion push.
Among Zip Co's notable partnerships that boosted its U.S. revenue was the collaboration with GameStop. This partnership, along with deals with Cathay Pacific and Major League Baseball ticketing, contributed to a 22.8% lift in Zip Co's transaction volume. The buy now, pay later company's U.S. revenue now stands at an impressive US$92.1 million annually, a testament to the success of its strategic alliances.
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