TiVo has reported a fourth-quarter net income of $9.8 million – a result that missed Wall Street expectations.
The California-based DVR specialist posted revenue of $252.3 million in the period. For the year, the company reported net income of $21.7 million, swinging to a profit in the period. Revenue was reported as $489.6 million.
TiVo expects full-year revenue in the range of $800 million to $835 million. TiVo shares have declined roughly 9 per cent since the beginning of the year.
In an earnings call with reported, TiVo CEO Tom Carson said: “In terms of Q4 I am pleased to report that we had a very good quarter with strong revenue, aggressive cost management and solid earnings resulting in a year where we exceeded our internal plan for all three measures.”
“In the area of intellectual property, a key accomplishment in Q4 was our Samsung deal, a five-year plus agreement that demonstrates the relevance and value of our patents in the growing mobile space and reinforces the value of the acquired TiVo patterns. We also signed strategically important agreements with Netflix and HBO that illustrate our growing momentum in the over the top or OTT space.”
“2016 accomplishment also included important intellectual property agreements with DISH and Verizon. In addition to high margins and strong cash flow, our licensing business has excellent multiyear visibility, thanks to major long-term licenses including our seven-year agreement with AT&T and our 10-year agreement with DISH. As a result, we finished 2016 with IP licence agreements with nine of the top 10 US pay-TV providers,” he concluded.