GameStop stock surges after Microsoft partnership announcement

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Shares of GameStop Corp. are up 18% in Thursday afternoon trading after the company announced that it has entered into a multi-year partnership with Microsoft Corp. . Through the partnership, GameStop will use Microsoft’s Dynamics 365 portfolio of cloud applications to help run its back-end and in-store operations. GameStop plans to use Dynamics to gain insights into customer preferences. GameStop employees will also use Microsoft Surface tablets while working with customers, and GameStop will use Microsoft Teams for workplace communications. The company said in a release that it’s adding Xbox All Access to its offerings, “which provides an Xbox console and 24 months of Xbox Game Pass Ultimate to players with no upfront cost.” The company expects both it and Microsoft to benefit from “the customer acquisition and lifetime revenue value of each gamer brought into the Xbox ecosystem.” GameStop shares were halted prior to the announcement and have seen resumed trading. The stock has risen 160% over the past three months as the S&P 500 has gained 9%.
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