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NEW YORK (TheStreet) -- Shares of Rovi Corp. undefined are plummeting by 21.01% to $8.91 on Thursday afternoon, following last night's release of the entertainment technology company's 2015 third quarter earnings results.

The Santa Clara, CA-based company's most recent financial results fell short of analysts' expectations.

Rovi's adjusted earnings came in at 29 cents per share on revenue of $114.88 million for the three month period ended September 30.

Analysts surveyed by Thomson Reuters had forecast for earnings of 36 cents per share on revenue of $126.17 million for the 2015 third quarter.

During the third quarter the company worked to advance its IP license renewal negotiations with major service providers in North America. This includes the signing of an extension deal with Time Warner Cable (TWC).

"We are focused on closing the remaining large IP licensing agreements and are committed to resolving negotiations in a manner that will provide the greatest value for Rovi stockholders," Rovi CEO Tom Carson said in a statement.

Separately, TheStreet Ratings team rates ROVI CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

We rate ROVI CORP (ROVI) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: ROVI

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