TiVo posts $10.2 million Q4 loss
Investors unconcerned after legal victory, new DVR line debutTiVo posted red ink of $10.2 million in its fiscal fourth quarter, nearly three times larger than its loss in the same period last year.
But investors didn't seem to mind Monday, in part because they're still celebrating what CEO Tom Rogers called "a hell of a week."
Rogers was referring to the recent legal victory in TiVo's patent dispute against Dish Network, which came one day after TiVo launched a line of DVRs that it dubbed Premiere.
TiVo shares advanced 80% last week. On Monday, they were off 42 cents to $17.08, but they continued higher in after-hours trading when its financial results were released.
TiVo said quarterly revenue improved 16% to $68.5 million, though service and technology revenue -- which strips out hardware sales -- slipped 7% to $45.3 million.
As has been the case for several years now, TiVo lost subscribers during the quarter. This time, 131,000 subs departed, leaving TiVo with 2.6 million, down from 3.3 million in the same quarter a year ago.
Analysts expect TiVo to keep losing subscribers until a deal struck several years ago with Comcast, along with more recent ones with Cox and DirecTV, begin to bear fruit.