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At first glance, the second quarter earnings report from TiVo (TIVO) should be considered a roaring success. It should put to rest my long-running skepticism that's the company's operating business -- beyond the numerous litigation wins defending its core "time warp" patent -- would ever be profitable. And it should have created gains far higher than the roughly 5.6 percent jump seen in trading on Wednesday.

After all, the company announced -- in the very first line of its release -- that it had finally reached "sustained net income profitability." CEO Tom Rogers took a victory lap of sorts, repeatedly referring in the release and on the post-earnings conference call to the "scrutiny" faced...

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