Shares of digital video recorder company TiVo (NASDAQ:TIVO) fell on Thursday, declining 14.3% by the time the market closed.
The stock's decline followed TiVo's third-quarter earnings release, which included worse-than-expected adjusted earnings per share.
TiVo reported third-quarter revenue of $164.7 million, down 17% year over year. This was in line with the average estimate of four analysts, according to data from Yahoo! Finance. The company's loss per share widened from $0.14 in the year-ago quarter to $0.19. Adjusted earnings per share, however, were $0.15 -- 10 cents below the consensus analyst estimate for the key metric.
Though TiVo's adjusted earnings per share may have been lower than what analysts were looking for, TiVo CEO Raghu Rau said the company achieved its internal plan targets during the period.
TiVo said it is "still conducting an in-depth review of its businesses, cost structure and strategic options to maximize shareholder value." As a result, management opted not to provide any financial forecasts, citing a "broad range of potential outcomes." But management did note that it is aiming for sequential revenue growth. On the other hand, TiVo also said it expects "sequential quarter growth in [intellectual property] litigation spend given the fourth quarter timing of the Comcast ITC trial.