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)