TiVo's loss shrinks as sales jump
The digital video recorder maker reports a first-quarter loss of 12 cents per share, beating analyst expectations.
For the three months ended April 30, the San Jose, Calif.-based company said on Thursday that it lost $7.9 million, or 12 cents per share, on revenue of $28.5 million. That compares with a loss of $35.2 million, or 74 cents per share, on revenue of $13 million in the same quarter a year ago. Analysts were expecting a loss of 22 cents per share, according to First Call.
TiVo said it saw strong demand for a new "home media" option that allows consumers to play music and view pictures stored on a PC using their TiVo system.
"Our record first-quarter growth clearly shows that TiVo continues to be a brand leader in the market as consumers embrace and demand DVR (digital video recorder) products," TiVo Chief Executive Mike Ramsay said in a statement.
The company said it added approximately 79,000 new subscriptions in the first quarter, compared with 42,000 subscriptions added during in the first quarter of last year, giving the company a total of 703,000 subscribers as of April 30.
Earlier this month, TiVo announced a new basic service that consumer-electronics makers can build into devices--such as DVD players--that combine video recording with other functions.
TiVo reiterated that it expects to add 450,000 to 600,000 subscriptions in the current fiscal year, which would give the company more than 1 million subscriptions by the end of January. The company forecast a total operating loss for the fiscal year in the range of $27 million to $38 million.