Why GameStop Stock Skyrocketed Today

Shares of GameStop (NYSE: GME) have skyrocketed today, up by 25% as of 3:10 p.m. EDT, after the company announced a strategic partnership with Microsoft (NASDAQ: MSFT). The stock was halted briefly ahead of the news.

GameStop will accelerate its digital transformation by leveraging Microsoft's cloud-based offerings, including the Dynamics 365 customer relationship management (CRM) and enterprise resource planning (ERP) services. The video game retailer hopes to streamline its operations by providing its employees greater access to data using Microsoft's cloud platform. GameStop will also outfit its retail stores with Surface devices, increasing the mobility of workers within a store, and will deploy Microsoft 365 and Microsoft Teams for productivity and collaboration.

Image source: Getty Images.

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Source Fool.com