GameStop stock tanked on Thursday after the company announced the firing of CEO Matthew Furlong.
GameStop also reported quarterly revenue that came in lower than expected.
The company’s largest investor, Ryan Cohen, replaced Furlong.
GameStop’s first quarter fell below than Wall Street expectations, with revenue of $1.24 billion coming in short of analysts expectations for $1.34 billion.
Shares of GameStop fell nearly 20% at the market open on Thursday.
