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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Microsoft Corporation    MSFT

MICROSOFT CORPORATION

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GameStop shares surge 44% on tie-up with Microsoft to upgrade stores

10/08/2020 | 07:16pm EST

Oct 8 (Reuters) - GameStop Corp and Microsoft Corp signed a multi-year deal that would allow the videogame retailer to upgrade its stores with the software maker's cloud and hardware services, sending GameStop shares 44% higher on Thursday.

GameStop, which already sells Microsoft's flagship Xbox gaming console, said http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20201008:nGNX4Fwz3h it would now offer a two-year digital subscription package with the consoles to players at no upfront cost.

Several analysts are expecting the November launches of the XBox Series X and rival Sony's PlayStation 5 to boost sales for GameStop, which has been reeling under losses driven by coronavirus-led disruptions and delayed console purchases ahead of the new cycle.

Brokerage Jefferies said the agreement provides GameStop access to revenue created at the gamer level, instead of solely on the piece of content sold.

GameStop, which did not disclose the financial terms of the deal, said it planned to roll out Microsoft's 365 services and workplace messaging app Teams in its stores and equip store associates with new Surface devices.

Gamestop's shares closed up 44% and were 5% higher in extended trading. The company said it would move its back-end and in-store operations to Microsoft's Dynamics 365 platform, which is a set of cloud-based business applications and customer data platform.

Last month, Ryan Cohen, the biggest individual investor in GameStop and founder of e-commerce firm Chewy, raised his stake in the company to nearly 10%, saying he was willing to become more involved to produce the best results for shareholders. (Reporting by Ayanti Bera in Bengaluru; Editing by Devika Syamnath)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHEWY, INC. 0.82% 69.27 Delayed Quote.138.86%
GAMESTOP CORP. 9.36% 13.9 Delayed Quote.128.62%
MICROSOFT CORPORATION -0.13% 210.11 Delayed Quote.33.41%
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Financials (USD)
Sales 2021 158 B - -
Net income 2021 51 336 M - -
Net cash 2021 76 102 M - -
P/E ratio 2021 31,1x
Yield 2021 1,04%
Capitalization 1 589 B 1 589 B -
EV / Sales 2021 9,57x
EV / Sales 2022 8,54x
Nbr of Employees 163 000
Free-Float 99,9%
Chart MICROSOFT CORPORATION
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Microsoft Corporation Technical Analysis Chart | MSFT | US5949181045 | MarketScreener
Technical analysis trends MICROSOFT CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 38
Average target price 242,24 $
Last Close Price 210,11 $
Spread / Highest target 32,3%
Spread / Average Target 15,3%
Spread / Lowest Target -14,3%
EPS Revisions
Managers
NameTitle
Satya Nadella Chief Executive Officer & Non-Independent Director
Bradford L. Smith President & Chief Legal Officer
John Wendell Thompson Independent Chairman
Kirk Koenigsbauer COO & VP-Experiences & Devices Group
Amy E. Hood Chief Financial Officer & Executive Vice President
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