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STORY: Shares of Gamestop – dubbed the original meme stock after its viral, meteoritic rise back in 2021 – tumbled as much as 17% in Wednesday morning trading.

The slide in shares comes a day after the videogame retailer reported a decline in fourth-quarter revenue.

The bricks-and-mortar chain is set to lose more than $700 million in market value if the losses hold.

Gamestop also said it had cut an unspecified number of jobs, joining Electronic Arts and Japan's Sony in a bid to reduce costs as economic uncertainty hits discretionary spending.

Once a mainstay of American malls, Gamestop has shut more than 240 stores in little over a year, due in part to rising competition from online firms.

Hailed as the pioneer of Wall Street's so-called meme stocks, Gamestop's share price rose as much as 100 times over several months in 2021 – at one point hitting a high of $483 a share. It’s popularity was driven largely by the sentiment of individual buyers connected through the Reddit community forum WallStreetBets.

Gamestop’s stock had fallen 12% this year prior to Wednesday’s plunge – which lowered the company’s share price to $13.