TiVo increases Q2 revenues
For the quarter ended July 31st, TiVo reported a profit of $9.3 million compared with $268.9 million a year earlier. The year-ago period included $276 million in net income from its settlement with Cisco and Motorola over patent claims.
Total revenue increased 12 per cent to $111.9 million, while service-and-technology revenue climbed 13 per cent year-over-year to $86.6 million.
TiVo has also been adding customers, ending the quarter with 4.8 million, a 33 per cent year-over-year increase, despite a growing list of competitors. The monthly customer cancellation rate was 1.6 per cent for TiVo-owned subscriptions, from 1.5 per cent a year earlier.
For the current quarter, TiVo forecast net income of $6 million to $9 million and service and technology revenue between $86 million and $89 million.
Tom Rogers, President and CEO of TiVo, commented: “This was another solid quarter for TiVo. We had strong execution, delivered improved financial results, and advanced our product offering, all of which is supported by the traction we’re seeing from operators both domestically and internationally. With a robust pipeline of international and domestic opportunities, a continued push to drive innovation, further improve the efficiency of our cost structure, and smartly deploy our cash, we are confident TiVo will deliver strong future financial and operating performances in the quarters and years to come.”