WASHINGTON (dpa-AFX) - TiVo Inc. (TIVO) Monday reported a first-quarter loss that narrowed from a year ago, due mainly to revenue growth on new subscriptions. Loss for the period was better than what Wall Street expected, while revenues came in short of estimates.
TiVo's first-quarter service and technology revenues grew to $61.79 million from $54.51 million last year. Ten analysts polled by Thomson Reuters expected revenues of $61.88 million for the quarter.
TiVo, which makes digital video recorders, said total revenues for the quarter grew to $82.57 million from $67.77 million last year.
TiVo said its cable subscriber base increased by 277,000 subscriptions, the largest quarterly increase in over seven years. Total cumulative subscriptions at the quarter-end was 3.40 million.
Chief Executive Tom Rogers said, 'The solid financial results this quarter were the outcome of strong operational execution across our business. Our advanced television innovation is helping to drive the global adoption of TiVo...'
TiVo's first-quarter loss narrowed to $10.3 million or $0.09 per share from $20.8 million or $0.17 per share in the same period last year. On average, 14 analysts polled by Thomson Reuters expected a loss of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.
Looking forward to the second quarter, TiVo expects a loss of $13 million to $16 million and service and technology revenues of $68 million to $70 million. Analysts currently expects a loss of $0.10 per share and revenues of $67.98 million for the quarter.
TIVO closed Monday's trading at $12.66, up $0.08 or 0.64%, on the Nasdaq. The stock further gained $0.05 or 0.39% in after-hours trade.
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