(Reuters) - Digital video recorder maker TiVo Inc reported better-than-expected quarterly revenue and profit, helped by higher subscriptions.
The company’s shares rose 7 percent in extended trading on Tuesday.
TiVo’s net subscriber additions rose to 340,000 in the fourth quarter from 319,000, a year earlier. Analysts on average had estimated additions of 328,000, according to research firm StreetAccount.
TiVo had the best fourth quarter in seven years in terms of net subscriber additions in its retail business, Chief Executive Tom Rogers said. The business includes sales from TiVo Roamio and TiVo Roamio OTA products.
Expenses incurred for acquiring these subscribers fell about 25 percent, he said.
The company sells its products through cable TV partners such as Virgin Media in the UK, ONO in Spain and Com Hem AB in Sweden.
TiVo’s net income rose to $7.1 million, or 7 cents per share, in the quarter ended Jan. 31 from $710,000, or 1 cent per share, a year earlier. Net revenue rose 7.3 percent to $114.1 million.
Analysts on average had expected a profit of 4 cents per share and revenue of $89.9 million, according to Thomson Reuters I/B/E/S.
Shares of the San Jose, California-based company were trading at $12.05 after the bell.
Editing by Kirti Pandey