GameStop stock plunges as sales fall short of estimates and its dividend is eliminated - CNBC

- GameStop shares fell nearly 14% in after hours trading Tuesday after the retailer reported a 13.3% fall in first-quarter revenue and a 10.3% sales decline. - The company said it would eliminate its quarterly dividend, effective immediately, to save about $157 million a year. - Gamestop is struggling with lower video game and console sales at stores as well as a decline in profits due to shifting preferences towards downloadable video games and streaming. GameStop shares tumbled nearly 14% in after-hours trading Tuesday after the retailer announced it would eliminate its dividend as video ...