Rovi Posts Q4 Loss12 Feb, 2014 By: Chris Tribbey
Rovi Corp. Feb. 12 posted a fourth-quarter loss of $60.8 million (compared with a profit of $2.1 million for the same quarter in 2012) despite seeing its revenue jump nearly 15% to $152.4 million.
The loss came from the reclassification of the company’s DivX and MainConcept businesses (which Rovi has put up for sale) as discontinued operations. Rovi had already sold its Consumer Web Properties and Rovi Entertainment Store businesses during the third quarter.
“While 2013 was a challenging transitional year, as we refocused the company around our core guidance and discovery roots, we ended the year with a strong fourth quarter featuring several key new agreements and renewals,” said Tom Carson, president and CEO of Rovi.
Rovi during the quarter signed new intellectual property agreements with Google and Samsung, renewed several key contracts, and entered into a multiyear product agreement with Latin American service provider América Móvil,
“In the fourth quarter, we also decided we would sell our DivX and MainConcept businesses. This is a part of our strategy to focus on building our core discovery business, expanding our IP licensing operations and positioning Rovi for sustainable long-term growth,” Carson said.
For 2014 Rovi anticipates revenue between $510 million and $550 million.