Rovi Corporation (ROVI) beams higher on bigger earnings, revenues

Rovi Corp. (Nasdaq: ROVI) shares gained 21.5% to $60.37 a day after the television-listings data company projected 2011 earnings above estimates. Volume for the stock mid-morning Wednesday was 5.4 million shares, better than doubling its all-day average of around two million.

The Santa Clara, California-based company announced Tuesday that it had first-quarter 2011 Generally Accepted Accounting Principles (GAAP) revenues of $161.5 million, compared to $129.4 million for the first quarter of 2010. First quarter 2011 GAAP net income was $17.0 million, compared to $68.1 million for the first quarter of 2010.

Rovi Chief Executive Officer Fred Amoroso, commented, “We are pleased with our fast start to 2011 and the continued progress and success of our business. We have made excellent progress on the Sonic integration and are beginning to realize the benefits and synergies that we believe exist in the combination.”

Rovi Corporation provides extensive entertainment discovery solutions for television, movies, music and photos to its customers in the consumer electronics, cable and satellite, entertainment and online distribution markets.

Tags: buzz stocks, consumer discretionary, nasdaq, technology, Technology Stocks

This entry was posted on Wednesday, May 11th, 2011 at 11:10 am by Glenn and is filed under Consumer Discretionary Stocks, Technology Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.