TiVo results beat estimates on strong subscriber growth

Reuters News
Posted: Aug 26, 2014 4:59 PM

(Reuters) - Digital video recorder maker TiVo Inc reported better-than-expected quarterly profit and revenue due to strong growth in subscribers through cable TV partners such as Virgin Media in the UK, ONO in Spain and Com Hem AB in Sweden.

TiVo's subscriptions rose by a third to 4.8 million in the second quarter ended July 31.

Net profit fell to $9.3 million, or 8 cents per share, from $268.9 million, or $1.96 per share, a year earlier, when the company had a gain of $276 million related to settlement of lawsuits with Cisco Systems Inc and Motorola Mobility.

Revenue rose 11.8 percent to $111.9 million.

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Analysts on average had expected a profit of 7 cents per share and revenue of $87.7 million, according to Thomson Reuters I/B/E/S.

(Reporting by Soham Chatterjee in Bangalore; Editing by Kirti Pandey)