(Updates with the stock move in the headline and the first paragraph.)
GameStop (GME) shares were up more 11% in premarket activity on Wednesday after the company reported overnight fiscal Q4 earnings increased and approval bitcoin cryptocurrency can be used as a treasury reserve.
The company reported fiscal Q4 adjusted earnings of $0.30 per diluted share Tuesday, up from $0.22 a year earlier.
Two analysts polled by FactSet expected $0.08.
Net sales for the 13 weeks ended Feb. 1 fell to $1.28 billion from $1.79 billion a year earlier.
Two analysts surveyed by FactSet expected $1.48 billion.
The company also announced that its board unanimously approved an update to its investment policy, allowing bitcoin to be added as a treasury reserve asset.
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