“TiVo is making great progress on its restructuring,” says TiVo CEO Dave Shull, as it moves to split the company into two, with a greater focus on the IP portion of the business.
Shull was speaking during TiVo’s Q2 results, and which gave him an opportunity to raise its guidance for overall revenues for the second time this year. He reported revenue growth of 11 per cent to $176.2 million (€159.6m) for the quarter.
“We remain on track to complete the separation in the first half of 2020. We are also laser-focused on execution and, in the quarter, we delivered strong financial results across a number of metrics. Our Intellectual Property Licensing business had a solid quarter as it benefited from expanding our relationship with Shaw Communications and our first social media customer win. On the Product side, we are streamlining the business and driving operational efficiencies to improve profitability. This leaner Product business is on track to launch innovative products to expand our personalized content discovery and monetisation offerings in the second half of 2019,” he added.
Shull told analysts that total revenues for the year would likely be in the $650-$665 million range, up $5-$6 million on previous guidance.