TiVo Grows Revenue, Subscriptions In Latest Quarter
The company's shares were up in after-hours trading Wednesday after slightly beating analyst expectations.
TiVo reported a net loss of $27.7 million on revenues of $65.2 million in the fiscal second quarter. Both numbers represent slight improvements from the company's previous guidance and what analysts were expecting.
The net loss is more than the $19.6 million that Tivo reported in the same quarter the previous year, and the company says its expenses have been increasing as it prepares to take on Verizon in a patent trial in October as well as other intellectual property fights against Motorola, Cisco, and Time Warner Cable.
The DVR pioneer highlighted improvements on the revenue front in its service and technology sectors, up 10 percent to $54.1 million from the same quarter the previous year. Revenue from hardware remained flat at just over $11 million.
Subscriptions also increased 41 percent, or about 230,000, for Tivo in the second quarter. The relationship with Virgin Media has been a winner for the company, passing the one million subscriber mark. Tivo has also made a deal with cable operator GCI and recently acquired TRA, which tracks the shopping habits of TV viewers.
"This was another solid quarter for TiVo as we achieved our financial guidance, gained more subscriptions within our current distribution relationships, signed new distribution deals, deepened our capabilities in the audience research business, and showcased the benefits of our R&D investment through the delivery of the TiVo experience via virtually any kind of operator infrastructure and through tablets, smartphones, and computers," said Tivo CEO Tom Rogers.
In early after-hours trading, Tivo's stock price was up more than 4 percent to just under $10.