TiVo Sees Revenue Surge as Subscriptions Rise
The DVR maker records a third-quarter profit of $59 million, reversing a $24.5 million loss a year ago.
TiVo reversed a loss in the most recent quarter as revenue rose 27 percent, but the pioneer of the DVR said it would lose money in the current quarter, and stock was down as much as 3 percent Wednesday in after-hours trading.
TiVo recorded net income of $59 million in the quarter ending Oct. 31 compared with a loss of $24.5 million in the same frame last year. Revenue was $82 million, up from $64.8 million.
The company said its subscription base increased 44 percent year-over-year to nearly 3 million, and it boasted that with a recent $250 million settlement from Verizon, the total considerations from actions to protect its patents have exceeded $1 billion.
TiVo CEO Tom Rogers said TiVo experienced its lowest churn rate in about six years during the quarter, and he touted an upcoming product called TiVo Mini "that will create a whole home thin-client experience for our operators and TiVo Stream, which allows customers to stream as well as download content from their DVRs to their iPads and iPhones."
TiVo shares rose 6 percent during the regular session to $10.85 but were were trending lower after the closing bell.