Digital video recorder company TiVo reported Tuesday a widening loss along with strong subscriber growth, driven by use of its service by DirecTV subscribers. Reporting after the close of markets, the company said it had lost $9.1 million, or 11 cents a share, in the first fiscal quarter of 2004, on net revenues of $34.5 million. The company posted a $7.9 million loss in the same quarter a year ago. Tuesday's report substantially beat analysts' average predictions of a 20 cent per share loss.
The company said it had added 264,000 subscribers over the last quarter, with the majority coming from its relationship with DirecTV. Total subscriptions now number nearly 1.6 million. Chief Executive Officer Mike Ramsay said in a statement that TiVo would reach "sustainable profitability by the end of next fiscal year."