TiVo Quarterly Profit Beats Estimates on New SubscribersCliff Edwards
TiVo Inc., which introduced advanced set-top boxes for consumers and cable-TV operators in August, posted third-quarter profit that beat analysts’ estimates after signing up more subscribers.
Net income shrank to $12.5 million, or 10 cents a share, from $59 million, or 44 cents, a year ago, which included a gain from a legal settlement. Analysts had forecast profit of 6 cents, the average of 16 estimates compiled by Bloomberg. Sales rose 43 percent to $117.3 million in the quarter ended Oct. 31, San Jose, California-based TiVo said today in a statement.
The Roamio set-top boxes integrate cable programming with Internet services, such as Netflix Inc.’s $7.99-a-month subscription, making it easier for consumers to find and access shows. This year, TiVo has signed deals with European pay TV operators to use the boxes. It’s also seeking deals in the U.S.
Results last year included $78.4 million in proceeds after settling patent litigation with Verizon Communications Inc. Sales beat analysts’ projections of $103.9 million.
TiVo rose 3.3 percent to $13.68 in extended trading after results were announced. The shares gained 0.2 percent to $13.24 at the close in New York and have risen 7.6 percent this year.