May 31 (Bloomberg) -- TiVo Inc. fell the most since May 4 after reporting a first-quarter loss as hardware costs rose and saying legal expenses in the current period would lead to a wider loss than analysts expected.
TiVo dropped 4.7 percent to $8.54 at the close in New York. Shares of the digital-video-recorder pioneer have declined 4.8 percent this year.
Litigation and marketing costs will rise in the quarter ending July 31, Alviso, California-based TiVo said yesterday in a statement. The company forecast a second-quarter net loss of $28 million to $30 million almost double the average estimate for a $15.8 million loss, according to data compiled by Bloomberg.
The company has made progress expanding its DVR presence on Comcast Corp. cable-television systems, adding Boston after success in San Francisco, analyst Rich Tullo with Albert Fried & Co. wrote in a May 18 report. That has helped offset a delay across Charter Communications Inc. circuits, he said.
The first-quarter loss was $20.8 million, or 17 cents a share, wider than the 15-cent average loss estimated by 11 analysts. A year earlier, profit of $139 million was lifted by litigation proceeds. Sales rose 48 percent to $67.8 million, beating the $64.5 million average estimate.
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