TiVo Returns to Sub Growth in Latest Quarter
UPDATED: The DVR pioneer's stock rose in after-hours as the company's loss widened, but it added subscribers for the first time in four years, leading CEO Tom Rogers to speak of "a significant step in our growth strategy."
NEW YORK - DVR pioneer TiVo on Tuesday reported a widened quarterly loss, but it came in better than Wall Street analysts had expected, and the company said it returned to total subscriber growth for the first time in four years.
The company's stock gained in after-hours trading.
TiVo said it added 117,000 net subscribers in its fiscal third quarter ended October to reach 2.045 million overall. It lost 30,00 TiVo-owned subscribers in the period. But after adding subscribers through its partnerships with cable operators for the first time in many quarters in the previous period, TiVo continued to do so in the latest quarter by adding 147,000.
In the year-ago period, TiVo had lost 112,000 subscribers. In the previous quarter, it had posted a 33,000 decline.
It recorded a loss of $24.5 million, compared with a loss of $20.6 million in the year-ago period, but the figure beat Wall Street consensus expectations. TiVo's quarterly revenue rose from $50.9 million to $64.8 million.
"This was a great quarter and represented a significant step in our growth strategy," said president and CEO Tom Rogers. "Our efforts to get TiVo in more homes globally continues to accelerate."