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What: Shares of Rovi (NASDAQ: ROVI) jumped today by as much as 14% today after the company posted better-than-expected earnings results.
So what: Revenue in the third quarter came out to $169.6 million, which resulted in non-GAAP net income of $51.5 million, or $0.50 per share. That bottom-line profit was solidly ahead of the $0.38 per share adjusted profit that analysts were predicting, while the top line also beat.
Now what: The company continues to make progress on reducing costs, eliminating nearly $31 million in annualized costs this quarter. Rovi also dropped planned spending of $5 million, freeing up capital to invest in more pertinent strategic initiatives. Rovi also repurchased about 6 million shares during the quarter for approximately $90 million, leaving $223 million remaining in its existing repurchase authorization. Full-year revenue is predicted between $660 million and $670 million.
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