Rovi Corporation (NASDAQ: ROVI), Digital entertainment technology firm, reported fourth-quarter revenue on November 08, 2011, that missed market expectations as sales at its consumer software business fell 16%. Rovi Corp.’s (ROVI) third-quarter earnings plunged 95% as the company’s much higher expenses, much of it linked to stock compensation and an acquisition, nearly wiped out its increased revenue.
The company reported a third quarter net income of $1.8 million or $0.02 per share, sharply lower than $36.4 million or $0.33 per share in the prior-year quarter. Revenues for the quarter increased 42% to $196.49 million from $138.03 million in the same quarter last year.
Analysts on an average expected the company to report earnings of $0.61 per share on revenue of $197.94 million for the quarter.
Shares of ROVI gapped down and now trading lower by 36.38% to $29.19 after hitting a new 52-week low of $28.72.
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