November 8, 2011 / 10:45 PM / 7 years ago

Rovi Q3 rev misses Wall Street, shares slump

(Reuters) - Digital entertainment technology firm Rovi Corp reported fourth-quarter revenue that missed market expectations as sales at its consumer software business fell 16 percent, sending its shares down by more than a fifth in extended trade.

The company develops copy protection software used by telecom and cable companies, movie studios and set-top box makers makers, and metadata on movies and music.

July-Sept net income slid to $1.8 million, or 2 cents a share, from $36.4 million, or 35 cents a share, a year ago.

Excluding items, the company reported earnings of 63 cents a share, on revenue of $196.5 million.

Consumer software revenue fell to $34.4 million.

Analysts had expected an adjusted profit of 61 cents a share, on revenue of $197.9 million, according to Thomson Reuters I/B/E/S.

Shares of the company fell to $35.80 in after-market trade. They closed at $46.02 on Tuesday on Nasdaq.

Reporting by Siddharth Cavale in Bangalore; Editing by Sayantani Ghosh

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