Blockbuster Inc. Shares Tank After-Hours, Back to 38 Cents
Blockbuster Inc. (NYSE:BBI) shares are no better than your average penny stock, its stock is down 24% after-hours trading at 38 cents as the company once again misses the Street's estimates.
Blockbuster (BBI) first quarter 2010 earnings per share of -33 cents missed the 19 cents the Street was expecting with revenue coming in at $939 million for the quarter. BBI scored $1.09 billion in revenue for the same period last year.
First-quarter operating loss stood at $29.4 million, compared with an operating profit of $50.2 million reported last year. Net loss in the quarter stood at $65.4 million.
The more time passes the more Coinstar's (CSTR) RedBoxes and NetFlix's (NFLX) Mail DVD & Online Streaming Media steal away Blockbuster Inc.'s dying business model. Coinstar shares finished the day up 3% to $55.85 and NetFlix up 2% to $110. Game over Blockbuster.