TiVo Blows Past Earnings Expectations
TiVo on Tuesday reported quarterly earnings that were significantly higher than Wall Street expected, as the company collected a hoard of cash related to patent-infringement lawsuits.
Net income was $268.9 million compared to a net loss of $27.7 million in the same quarter a year ago. On a per-share basis, TiVo earned $1.96 while analysts projected a loss of 10 cents.
Because of litigation gains, income outweighed revenue, which rose 53 percent to $100.1 million.
The company hauled in $108 million related to past damage awards, $11 million in litigation expenses and $6 million from patent disputes with Cisco Systems and Google’s Motorola division.
“We believe TiVo has now achieved the milestone of sustained net income profitability,” said CEO Tom Rogers. “TiVo has reached a brand new chapter in its financial performance that puts the company on an entirely new trajectory.”
TiVo said subscriptions grew 33 percent to 3.6 million.
Shares of TiVo declined 18 cents to $10.97 on Tuesday but rose 18 cents after the closing bell.