GameStop shares have fallen 36 percent in a single day, making for the sharpest single-day drop the retailer has seen since listing in 2002 according to Bloomberg. At around $5.13 a share, the decline also brings GameStop’s stock price to its lowest point since 2003.
The shift was triggered by the release of GameStop’s first quarter financials yesterday. In that report, the company said that sales had fallen 13 percent, continuing an unfortunate trend of declining sales.
GameStop’s recently appointed CEO George Sherman said that the company is working on refocusing on the core elements of its business as part of a “multi-year transformation effort,” and will stop paying out a quarterly dividend to instead focus funds on paying down debt.
At its current share price, Bloomberg notes that GameStop has lost 95 percent of its market value since its $10 billion peak in 2007. Analysts speaking to the publication note that many investor fears stem from declining physical sales as the game industry continues to push more and more into digital.