* Expects 2nd-qtr service and tech revenue of $86 mln-$88
* First-quarter earnings $0.07/share vs est $0.06
* Revenue up 30 pct to $107.1 mln
* Shares rise 5 pct in extended trading
(Adds CEO comments, details; updates shares)
By Sruthi Ramakrishnan
May 22 Digital video recorder maker TiVo Inc
said it expected a boost to subscriptions for its
set-top boxes from Netflix's deal with U.S. cable operators,
after strong growth at European cable partners pushed up its
quarterly revenue by 30 percent.
TiVo's shares rose more than 5 percent in extended trading.
Netflix Inc signed deals with U.S. cable companies
Atlantic Broadband, Grande Communications, RCN and
Suddenlink in April and May to make its video streaming service
available over TiVo's set-top boxes.
"It (Netflix's deal) gives more sizzle to the overall
offering and the faster the distribution is, faster the revenue
growth for us," Chief Executive Tom Rogers told Reuters.
TiVo's set-top boxes are in high demand from cable users as
they also allow access to online video services such as Netflix,
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 company's European cable customers such as U.K's Virgin
Media, Spain's ONO and Sweden's Com Hem reported strong demand
for TiVo's set-top boxes.
TiVo forecast second-quarter profit of $6 million to $9
million and service and technology revenue of $86 million to $88
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
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 $12.45. They closed at
$11.93 on the Nasdaq on Thursday.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by
Joyjeet Das and Sriraj Kalluvila)