In the tech world, AOL is often the punch line to a joke—but its investors aren’t laughing.

According to a new quarterly earnings report issued on Wednesday, AOL’s first-quarter profits plummeted by two-thirds compared to the same period last year, reaching just $8.7 million. The company's stock has tanked by more than 20 percent as of this writing.

While many companies would be happy to take in several million dollars in profits, AOL has been on a slow decline for many years.

At the end of 2011, AOL had 3.3 million subscribers, a number that fell to 2.8 million by the end of 2012 and to 2.5 million by the end of 2013. That number dropped further to 2.4 million at the end of the first quarter.

According to the company’s most recent annual report from February 2014, AOL warned that its subscriber base “is expected to continue to decline.”

The company added:

This decline has been the result of several factors, including the increased availability of high-speed internet broadband connections and attractive bundled offerings by such broadband providers, the fact that a significant amount of online content, products and services has been optimized for use with broadband internet connections and the effects of our strategic shift to focus on generating advertising revenues, which resulted in us essentially eliminating our marketing efforts for our subscription access services and the free availability of the vast majority of our content, products and services. Although we provide many additional products and services as part of our subscription plans, there can be no assurance that our subscribers will value the bundle of services we offer and they may cancel their subscriptions at any time. If any of these factors result in our Subscriber base declining faster than we currently anticipate, our subscription and advertising revenues could be adversely affected.

AOL’s profits dropped from $1.048 billion in 2012 to just $92.4 million in 2013—a fall of more than 90 percent.