That’s gotta smart.

GameStop recently shared its first fiscal quarter report. And the response to that has handed their shares a drubbing. According to Gamesindustry.biz, their shares are down to $4.78, a drop of about 38% from where they were beforehand.

While the company still posted a net profit, they’re definitely down from last year. The report shows a sales slowdown of 13.3%. They also saw a remarkable decrease (35%) in hardware sales, despite an uptick in sales of the Nintendo Switch. Their only real growth, per the report, was in toys and collectables, at a reasonable 10.5% over the previous year.

GameStop also announced the cessation of the practice of paying out quarterly dividends to shareholders. This move supposedly saves the company around $157 million.

This is, however, far from a high water mark for the company. It’s the lowest they’ve been since 2003.

Source: GamesIndustry.biz

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B. Simmons

Based out of Glendale California, Bryan is a GAMbIT’s resident gaming contributor. Specializing in PC and portable gaming, you can find Bryan on his 3DS playing Monster Hunter or at one of the various conventions throughout the state.

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