How Long Will Rovi Investors Suffer?

NEW YORK (TheStreet) -- If you're a current Rovi(ROVI) investor, Tuesday's earnings warning was a frustrating spectacle filled with disappointment from start to finish. Rovi is expected to release actual earnings Aug. 2 for the quarter ended June 30.

Rovi is an entertainment technology company specializing in the management of entertainment content. ROVI data by YCharts

Rovi lost about 23% of its marketcap in afterhours trading on Tuesday. The loss in market cap is the result of lower revenue, earnings and contracts for the quarter and for 2012. The analysts' consensus estimate is currently 42 cents a share, an improvement of 1 cent (2.4%) from 41 cents during the same period last year. Rovi missed in the last four out of four quarterly estimates. The next report will make it five for five. ROVI Revenue Growth data by YCharts

The company expects to miss revenue by $21 million for the second quarter to come in near $158 million vs. the previous guidance of $179 million. Continuing operation losses are now expected to be between 15 and 18 cents per share, compared to 6 cents for the same period last year. (Rovi's are not the only shares falling, read my Facebook and Zynga article -- Social Media's Valuation Creates Rush for Exits)

Rovi's CEO Tom Carson blames lower analog content protection and licensed consumer electronics royalty revenue.

Carson stated in an SEC filed letter to shareholders: