Rovi Earnings: Here’s Why Shares are Down Now
Rovi Corporation (NASDAQ:ROVI) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.02%.
Rovi Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 28.57% to $0.45 in the quarter versus EPS of $0.63 in the year-earlier quarter.
Revenue: Decreased 11.59% to $154.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rovi Corporation reported adjusted EPS income of $0.45 per share. By that measure, the company missed the mean analyst estimate of $0.46. It beat the average revenue estimate of $152.58 million.
Quoting Management: “We demonstrated strong execution in the first quarter and made significant progress against our strategic initiatives, as we announced key new customers and renewals and extended our technology footprint further into mobile and over-the-top delivery ecosystems,” said Tom Carson, President and CEO of Rovi. “We entered into several key IP licensing arrangements this quarter, which we believe affirms the continuing importance of Rovi’s IP in the evolving digital entertainment landscape and positions the Company well for future growth.”
Key Stats (on next page)…