Blockbuster Inc. (BBI) Drops 16% In After-Hours Trading

Shares of Blockbuster Inc. BBI saw a huge drop in after-hours trading, after the company reported its first-quarter results. The company reported first-quarter revenue of $939.4 million, compared with $1.09 billion it reported 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. Gross margin stood at 53.5% in the first-quarter. Following the first-quarter results, shares of Blockbuster Inc. dropped 16% to $0.080 in after-hours trading. Earlier, shares of the company had closed 15.61% higher at $0.5 in regular trading today.