Blockbuster Blows It, Shares Tank

DALLAS (TheStreet) -- Blockbuster(BBI Quote) widened its third-quarter loss and significantly missed forecasts, sending shares in the red after the close.

During the quarter, the DVD renter recorded a loss of $114.1 million, or 60 cents a share, compared with a loss of $20.6 million, or 11 cents, in the year-ago period.

Excluding one-time items, the company actually lost 20 cents a share, drastically missing Wall Street's consensus of a loss of 11 cents a share.

Blockbuster attributed a majority of the loss to writeoffs of debt financing costs and the sale of its Irish unit.

Revenue sank 22% to $910.5 million from $1.16 billion last year.

Shares of Blockbuster are tumbling 10.8% to 74 cents in after-market trading.

-- Reported by Jeanine Poggi in New York

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