TiVo Subscribers Surge 32 Percent
TiVo, the company that mainstreamed the DVR, reported quarterly profit on Tuesday that beat the expectations of analysts because it added more subscribers than many predicted.
Net income dropped dramatically compared to last year, which was boosted by one of TiVo's many legal settlements, but the 10 cents per share in earnings was about 4 cents more than Wall Street modeled. A year earlier, TiVo reported 44 cents in per-share profit.
Revenue rose 43 percent year over year to $117.3 million. TiVo ended the quarter with 3.9 million subscribers, up 32 percent from last year.
The company's year-ago results included a $78.4 million patent-infringement settlement from Verizon Communications.
TiVo stock rose 2 cents on Tuesday to $13.24 and was up another 1 percent after the closing bell.