GameStop's stock jumps amid reports of revamped customer rewards program

By James Rogers

The price of GameStop's rewards program will reportedly increase to $25 a year from $15

GameStop Corp.'s stock jumped Monday amid reports that the videogame retailer and sometime meme-stock darling is planning to revamp its customer rewards program.

Shares of GameStop (GME) rose 6.7%, compared with the S&P 500's gain of 0.2%.

Videogaming website Kotaku reports that the name of GameStop's PowerUp Rewards membership will be changed to GameStop Pro next month and its price will increase to $25 a year from $15 a year. New perks available to members will include 5% off preowned games and 5% off collectibles, according to Kotaku, citing screenshots of internal corporate training materials that were shared with the website.

Related: GameStop surges on surprise earnings beat, lifting meme stocks AMC and Bed Bath & Beyond

MarketWatch has reached out to GameStop with a request for comment on this story.

In March, GameStop shares surged on the company's surprise earnings beat, also lifting fellow meme stock AMC Entertainment Holdings Inc. (AMC). At that time, the videogame retailer said it had completed most of its planned upgrades related to infrastructure, systems, shipping capabilities and online and mobile platforms.

GameStop's stock is up 27.5% this year, outpacing the S&P 500's gain of 9.4%.

-James Rogers

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05-22-23 1449ET

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