Shares of GameStop (GME) rose in after-hours trading yesterday after the video game retailer and original meme stock reported better-than-expected Q2 2023 results, boosted by international sales growth and what the company called a "significant software release.".

The company, which has made some major leadership changes in recent months, reduced its net loss to just $2.8 million, or 1 cent per share, compared with a net loss of $108.7 million, or 36 cents per share, a year earlier. Revenue rose to $1.16 billion from $1.14 billion a year earlier.

GameStop's adjusted net loss per share was 3 cents. The company ended the quarter with $1.195 billion in cash and cash equivalents, compared with about $1.3 billion in the previous quarter. GameStop reported an increase in international sales led by Europe, while U.S. sales fell 4.2%. The revenue increase for the full quarter was "primarily attributable to important software releases," the company said in its press release.

GME’s P/S ratio of slightly over 1 suggests that the company still has realistic chances of a turnaround once a new credible strategy is developed.