TiVo revenue jumps 30 percent as subscriptions rise
(Reuters) - Digital video recorder maker TiVo Inc reported a 30 percent rise in quarterly revenue, helped by strong growth in subscriptions through European cable company partners such as Virgin Media and Ono.
TiVo's shares rose 5 percent in extended trading.
Cable subscribers are turning to TiVo's set-top boxes that also allow them to access online video services such as Netflix Inc, Hulu and Google Inc's YouTube.
TiVo said total subscribers in the first quarter crossed 4.5 million, including net additions of 341,000 in its cable and satellite television business. The business provides digital video recording service through the company's and service providers' set-top boxes.
Liberty Global Plc unit Virgin Media said on May 7 that net subscriber additions for TiVo's set-top boxes were 155,200 in the first quarter ended March 31, compared with 136,900 in the fourth quarter.
TiVo's cable customers also include DirecTV, RCN and Suddenlink.
TiVo forecast second-quarter profit of $6 million to $9 million and service and technology revenue of $86 million to $88 million.
The company reported a net profit of $8.1 million, or 7 cents per share, in the first quarter ended April 30, compared with a loss of $10.3 million, or 9 cents per share, a year earlier.
Revenue rose to $107.1 million from $82.6 million a year earlier, TiVo said on Thursday.
Analysts on an average had expected earnings of 6 cents per share, according to Thomson Reuters I/B/E/S.
The company's shares, which lost 10 percent of their value in the last six months, were trading at $12.56. They closed at $11.93 on the Nasdaq on Thursday.
(This story corrects headline, paragraphs 1 and 10 to remove revenue comparison with analysts' estimates. Analysts' estimates include only the company's service and technology revenue, not total revenue)
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Joyjeet Das and Sriraj Kalluvila)