What happened

Shares of media technology expert TiVo (TIVO) fell hard on Wednesday, trading 13.2% lower just before 2 p.m. EST. The company reported fourth-quarter results the night before, falling short of Wall Street's expectations and its own revenue guidance.

e remoteMan passed out on the TV couch with th control resting on his chest and a bowls of potato chips and popcorn on the coffee table.

Image source: Getty Images.

So what

TiVo's sales fell 21% year over year, to $169 million, far below your average analyst's target of $174 million. Adjusted earnings fell from $0.48 to $0.21 per share, also short of Wall Street's expectations for earnings near $0.28 per share.

Management did not provide any guidance for the next quarter or the new fiscal year. The ongoing review of strategic alternatives continues after not finding any answers after a year-long search.

Check out the latest TiVoearnings call transcript.

Now what

The stock has now fallen 29% lower in 52 weeks and is trading at the rock-bottom valuation of 9.6 times trailing earnings. Investors are giving up hope for TiVo as both the legacy TV listings services and the eponymous digital video recorders are becoming obsolete in an age of streaming-video solutions.

It's no surprise to see TiVo's shares plunging on this stale earnings release, but I'll keep watching this drama from the sidelines. If TiVo ever finds a buyout offer or some other reasonable exit strategy, the stock could recover in a hurry. If not, it's still a long way down to zero.

Volatility looms ahead, but it's hard to say in which direction the stock will move.