Entertainment technology and audience insights specialist TiVo has reported financial results for the first quarter ended March 31st 2017.
The Company reported first quarter revenue of $206 million (€187.7m), an increase of 74 per cent compared to $118 million in the first quarter of 2016. As expected, revenues were higher than in the comparable period of the prior year due to the acquisition of TiVo Solutions in the third quarter of 2016, which contributed $85 million in revenues in the current quarter. First quarter 2017 Net loss was $35 million, compared to a Net loss of $18 million for the first quarter of 2016.
“Our strong Q1 financial results affirm last year’s acquisition that formed the new TiVo,” said Tom Carson, President and CEO of TiVo. “Vodafone Spain’s rollout of our most advanced television experience demonstrates the product leadership and innovation that excited us about the TiVo acquisition and we’re pleased with this deployment. Additionally, the long-term IP agreement with Roku demonstrates the value of the company’s patent portfolios in the OTT space. We are well on the way to fully integrating the two companies’ product lines and continue on schedule to deliver at least $100 million in cost synergies, with 65 per cent coming from actions taken within 12 months of the closing of the transaction.”
Carson added, “We remain confident in TiVo’s ability to continue to generate substantial positive cash flows. As such, TiVo will pay its second quarter cash dividend of $0.18 per common share in June.”