TiVo Shares Fall After Missing Profit Expectations
The DVR company missed projections by a penny per share
Shares of TiVo sunk more than 7 percent on Wednesday, one day after the company that introduced the DVR to the masses reported disappointing quarterly profit and offered weak guidance.
TiVo said Tuesday it earned $6.3 million in its fiscal third quarter, or 6 cents per share, though analysts were looking for 7 cents.
Revenue of $118.4 million exceeded expectations, however. But TiVo said its revenue in the current quarter would be up to $90 million, shy of what most analysts had predicted.
TiVo also reported a milestone: more than 5 million subscribers for the first time, having added 328,000 during the quarter as more tier-two cable TV providers chose to offer their subscribers TiVo's DVR product.
TiVo shares were off 97 cents on Wednesday to $11.94.