Rovi Posts Q2 Loss6 Aug, 2009 By: Chris Tribbey
Rovi Corp., formerly Macrovision, reported a net loss of $2.1 million for the second quarter of 2009, a smaller loss compared to the $10.8 million the company reported it lost in the second quarter of 2008.
The loss was mainly due to restructuring and charges related to write-downs on acquisitions, including the Gemstar-TV Guide acquisition in mid-2008.
“We should start to see margin improvement next year,” Rovi CEO Fred Amoroso said during an Aug. 6 conference call with investors.
Revenue for the company grew 18% during the quarter, mostly thanks to consumer electronics licensing of Rovi products, an increase in digital TV subscribers, and higher usage of Rovi’s media metadata.
“Q2 was an outstanding quarter across all elements of our business notwithstanding the economy,” Amoroso said. “I’m encouraged by the continued execution of our business plan, as demonstrated by key wins across the business, including recent international service provider agreements, key wins for our emerging CE solutions, and growth in the data licensing space.”
Rovi raised its 2009 revenue estimate from $450 million to $480 million to between $456 million and $485 million.