Rovi Corp. on Friday reported a profit in the fourth quarter as the company benefited from an increase in revenue and the absence of a loss from discontinued operations in the same quarter a year ago.
Rovi, which provides TV listings data and related services, said Thursday that it earned $2.6 million, or 2 cents per share, in the fourth quarter compared with a loss of $211.2 million, or $2.07 per share, a year earlier.
The fourth quarter of 2008 included a large impairment charge for TV Guide Network, TVG Network and TV Guide Online, which were considered discontinued operations. Rovi, which was known as Macrovision Solutions Corp. until July, had agreed before the end of 2008 to sell the three businesses.
Excluding one-time items, Rovi earned 50 cents per share in the last three months of the year — 5 cents more than analysts polled by Thomson Reuters expected.
Revenue rose 17 percent to $138 million from $118.2 million in 2008. Analysts were looking for $132.3 million in revenue.
For the full year, Rovi reported a loss of $53 million, compared with a loss of $114.1 million in 2008. Revenue rose 47 percent to $483.9 million from $330 million in 2008.
The company said it still expects adjusted earnings of $1.80 to $2 per share in 2010, on revenue of $505 million to $535 million.
Analysts are looking for an adjusted profit of $1.88 per share on $530.2 million in revenue.
Rovi shares rose $2.72, or 9.6 percent, to close at $31.02 Friday.