The company’s effort to provide cable systems with a slick alternative to their clunky conventional DVRs seems to have paid off in the three months that ended in October. TiVo’s revenues increased 43% vs the period last year to $117.3M. That’s well above the Street’s expectation of $81.3M. The net income figure is skewed by the $78.4M windfall TiVo received from Verizon last year to settle a patent infringement suit. With that factored in, the $12.5M profit in Q3 is down 78.9% from last year. Still, the company’s earnings of 10 cents a share beat forecasts for 6 cents. Total subscriptions were +32.3% to nearly 3.9M as a 295,000 increase from pay TV services outweighed the 21,000 drop in the number of DVRs that receive service directly from TiVo. CEO Tom Rogers says that this was “the best quarter for TiVo subscription growth” since he began to position the company as a natural ally for cable and satellite companies. The company’s been especially successful with overseas providers including UK’s Virgin Media and Spain’s ONO. TiVo says that its revenues from services and technology in Q4 should rise about 30% to as much as $85M.
TiVo’s Cable Company Deals Help It To Beat Q3 Earnings Estimates
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