TiVo Loses Less Money Than Predicted
TiVo reported a net loss of $10.3 million in its fiscal third quarter on service and technology revenue of $61.8 million, beating the expectations of analysts on the bottom line, though not on the top line.
Overall, revenue rose to $82.6 million in the quarter from $67.8 million a year ago.
The company also added 277,000 subscribers through its worldwide partnerships with multisystems operators, primarily Virgin Media. It's the biggest MSO addition in seven years for TiVo, the pioneer of the DVR.
"We are continuing to see impressive subscription growth," said TiVo CEO Tom Rogers. "Our MSO subscription additions underscore that the TiVo offering is helping operators acquire customers, reduce churn and improve revenue per subscriber."
As is usually the case, the DVR maker shed what it calls "TiVo-owned" subscribers, this time losing 22,000 of them to end the quarter with slightly more than 1 million. MSO subscriptions, though, were at 3.4 million, up from 2.5 million in the same quarter a year ago.
TiVo, though, has made the bulk of its money for the past several years by mounting legal defenses of its patents, earning hundreds of millions of dollars by successfully suing EchoStar, AT&T and Verizon. It begins a trial with Motorola on June 10.
Shares of TiVo rose 1 percent to $12.66 on Monday and were up an additional 1 percent after the closing bell.