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TiVo has reported it sold fewer actual receiver devices in the quarter-year to January 31st (down 4.9 per cent, to a value of $21.4 million) but overall revenues grew 7.9 per cent as the business continued to add subscribers.
In the quarter, TiVo said its net revenue increased to $123.1 million from $114.1 million. Revenue from its services and software segment and its technology business totalled $101.7 million, an increase of 11 per cent, nearer the low end of company’s estimates for $101 million to $104 million.
TiVo added 337,000 net subscribers during the quarter, taking its overall subs base to 6.8 million, up y-o-y from 5.5 million (and a 24 percent improvement y-o-y).
TiVo’s interim CEO and CFO Naveen Chopra told analysts that one way or another TiVo was available in more than 25 countries with 70 different major customers and reaching more than 90 million homes.
He stressed that TiVo was not turning away from having a customer-focussed business, “[but] rather we will focus our resources on new product innovations that embrace changing consumer behaviour starting with an entirely new consumer product we expect to launch later this year and we expect this and other new initiatives to be the key source of subscriber growth in our consumer business.” He said the refocusing would lead to around 50 job cuts.
Chopra said he was frequently asked how the company would be generating future profits without the help of its IP revenues. “Our answer is twofold. First, there is assumptions by some that our IP revenue will go to zero following expiration of our existing settlement agreements. We do not agree with that assumption. In fact, our IP portfolio continues to grow and includes fundamental innovations and corresponding pads that among other things cover many core elements of modern video, transport, processing and consumption.”