Rovi Corporation (NASDAQ:ROVI) swung to a loss in the first quarter, missing analysts’ forecast. Rovi focuses on powering the discovery and enjoyment of digital entertainment by providing companies a broad set of integrated solutions.
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Rovi Earnings Cheat Sheet for the First Quarter
Results: Reported a loss of $4.6 million (4 cents per diluted share) in the quarter. Rovi Corporation had a net income of $17 million or 15 cents per share in the year-earlier quarter.
Revenue: Rose 14.6% to $175 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rovi Corporation fell short of the mean analyst estimate of 43 cents per share. Analysts were expecting revenue of $177.4 million.
Quoting Management: “I am pleased with the successes achieved across our business in the first quarter,” said Tom Carson, President and CEO of Rovi. “We added and renewed some very important licensing agreements that we believe bode well for Rovi’s future.”
The company has missed analyst estiamtes for four quarters in a row. It fell short by 9 cents in the fourth quarter of the last fiscal year, by 16 cents in the third quarter of the last fiscal year, and by 8 cents in the second quarter of the last fiscal year.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to 47 cents per share from 45 cents. For the fiscal year, the average estimate has moved down from $2.06 a share to $2.02 over the last sixty days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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