Dallas (TX) - Movie rental giant Blockbuster reported lower than expected first-quarter earnings. The company blames investment into its Total Access movie rental business for most of the losses.
The company lost $46.4 million dollars or 26 cents per share in the first quarter. Shares dipped nearly 11.6 percent on the earnings report.
Blockbuster’s Total Access allows members to rent movies both through the mail and through regular stores. Unlike its rival Netflix, the movies can be returned in person to any store.
Read more … Forbes .