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'Big Short' legend Michael Burry recently unveiled a bullish bet on GameStop — but the retailer's shares are plummeting after a dismal earnings report

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The company's most profitable segment — used game and console sales — saw a 17.5% year-over-year slump, continuing a multi-year trend.

GameStop tanked as much as 18% on Wednesday after the company pushed its yearly sales forecast lower and announced a decline in second-quarter revenue for nearly all of its businesses. GameStop's CEO announced a new plan to boost its operating profit by $200 million by 2021, focusing on optimizing business efficiencies and building out its digital marketplace.

GameStop tanked as much as 18% on Wednesday after the company pushed its yearly sales forecast lower and announced a decline in second-quarter revenue for nearly all of its businesses. GameStop's CEO announced a new plan to boost its operating profit by $200 million by 2021, focusing on optimizing business efficiencies and building out its digital marketplace.

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I was gonna fall for that yesterday 😅 You guys idolize this guy way too much

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