Gemstar Loss Narrows; Profit Forecast Is Cut
From Bloomberg News
Gemstar-TV Guide International Inc., the publisher of TV Guide magazine, said its first-quarter loss narrowed to $39.8 million as revenue from licensing technology rose.
The net loss shrank to 9 cents a share from $45.4 million, or 11 cents, a year earlier. Sales rose 9.4% to $195.2 million.
But the Los Angeles company said publishing revenue fell 9.7% to $98.4 million and lowered its earnings forecast for the year to $50 million, down from a previous forecast of $69 million.
Shares of Gemstar fell as much as $1.41 to $4.30 in extended trading. Earlier they were up 18 cents at $5.71 on Nasdaq.
