Upgrade to Apple Watch Series 8? National Coffee Day Fitbit Sense 2 'Hocus Pocus 2' Review Kindle Scribe Amazon Halo Rise Tesla AI Day Best Vitamins for Flu Season
Want CNET to notify you of price drops and the latest stories?
No, thank you

TiVo posts loss, raises outlook

The digital video recorder company narrows its losses for the second quarter and raises guidance for the rest of the year, anticipating a strong holiday season.

Digital video recorder company TiVo reported on Thursday second-quarter losses that were narrower than expected for the quarter but slightly higher than those logged a year ago. The company also raised guidance for the rest of the year.

San Jose, Calif.-based TiVo said Thursday that it lost $4.4 million, or 7 cents per share, on revenue of $26.7 million for the second quarter, which ended July 31. Analysts were expecting a loss of 13 cents per share, according to First Call.

In the same period a year ago, TiVo had a loss of $3 million, or 6 cents per share, on revenue of $35 million. Excluding revenue from a licensing deal with Sony, TiVo had revenue of $23.2 million and a net loss of $13.6 million, or 28 cents per share, a year ago.

"TiVo's momentum is accelerating," CEO Mike Ramsay said. "Compared to last year, we just doubled sub(scriber) growth in the first half, we'll triple in the second half, and we expect to roll past 1 million subs during the holiday season. Retailers are excited about current TiVo products as well as the upcoming integrated DVD models from Toshiba and Pioneer."

TiVo added 90,000 subscriptions in the second quarter. The company said it expects to add 550,000 to 650,000 new subscriptions this year, and it lowered its operating-loss guidance for the full year, from a range of $27 million to $38 million to a range of $27 million to $35 million.

During a conference call with analysts and media, Ramsay added that cable is a new market for digital video recorder services, and TiVo will focus on carriers as potential customers. However, he cautioned that operators are still testing the service and that any deals would take time to develop.

Earlier this year, TiVo hired Martin Yudkovitz, a former executive vice president at NBC, to help TiVo become a vital element of the home entertainment industry.

Yudkovitz has been responsible for driving deployment of TiVo through satellite, cable and advertising partnerships.

As of July 31, TiVo had more than 793,000 subscribers to its DVR service. More than 467,000 subscribers used standalone recorders to access the service, and 326,000 were from satellite connections through partner DirecTV.

In after-hours trading, shares were up about 12 percent, or $1.13 per share, to $10.83, according to Island ECN electronic marketplace.