Smith & Wesson shares plunge 15%

Rifles are going out of fashion, and it's hurting Smith & Wesson's bottom line.

The gun maker reported Tuesday that quarterly sales dropped by $39.2 million. Its profit of $14.6 million represented a 45 percent decrease from a year earlier, according to CNNMoney.

Shares fell as much as 15 percent in after-hours trading.

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