TiVo Q2 subs up 26%
September 9, 2015
DVR specialist TiVo reported a better-than-expected rise in quarterly revenue, boosted by higher subscriptions.
The company’s total subscriptions rose 26 per cent to more than 6 million in the second quarter ended July 31st. The company revenues were up 6 per cent to $99.10 million.
TiVo, whose clients include DirecTV, is trying to partner with more cable TV operators to grow its business. Tivo sells its products through cable TV partners such as Virgin Media in the UK, ONO in Spain and Com Hem AB in Sweden.
The California-based company forecast Q3 service and software and technology revenue of $100-$103 million, compared with $88.1 million a year earlier.
CEO Tom Rogers said the company “executed well,” noting revenue and Ebitda beat the company’s own outlook. He noted a a 48 per cent rise revenue for services from cable MSO.
He added: “Additionally, we continued to see progress in our retail business with a 37 per cent year-over-year increase in TiVo-Owned gross additions. We also established new distribution relationships and expanded existing ones, including beginning the rollout within Vodafone Spain’s (ONO) IPTV footprint and new agreements with WOW!, the ninth largest cable TV provider in the U.S, and the NCTC. We believe our success in the first half of the year positions us nicely to drive strong operating and financial results for the remainder of the year.”