TiVo reports earnings for "stub" period
The company, whose service allows people to record TV shows sans videotape, is changing its fiscal year and thus is reporting earnings for January.
The company's fiscal year will now end Jan. 31, instead of Dec. 31, TiVo said Thursday. As a result, the company is reporting revenue and profit for January alone. Analysts didn't make predictions for this so-called stub period, according to First Call.
TiVo reported a net loss of $19 million, or 47 cents per share, for January, compared with a net loss of $8.8 million, or 25 cents per share, in the same month last year.
Revenue for January increased 638 percent to $989,000, compared with $134,000 for the same month last year.
The company picked up about 18,000 new subscribers in January, bringing the total to 154,000, according to the company.
The company's fourth-quarter earnings beat analyst expectations.
TiVo is counting on partnerships with TV networks, advertisers and content providers to increase revenue for the rest of its fiscal year, a company representative said Thursday. Although subscriptions now make up a majority of its revenue, the company hopes to bring in equal amounts of revenue from subscriptions and partnerships in the future.