Tivo subs buoyed by DirecTV
Digital video recording (DVR) firm Tivo Inc. said it added a record 90,000 subscriptions in the second quarter, extending its total to more than 793,000.
Tivo attributed the jump in part to strong growth among DirecTV subs. During the period, Tivo added 56,000 new subs from DirecTV, up 167 percent year-over-year.
Looking ahead, Tivo raised guidance for the rest of its fiscal year, expecting now to add between 550,000 to 650,000 new subs by Jan. 31, 2004. Tivo also expects to breach the 1 million sub mark sometime during a 2003 holiday season that will feature new DVR models with integrated DVD players.
On the financial front, Tivo posted Q2 net revenues of $26.7 million. Despite the revenue and subscription momentum, Tivo did post a net loss of $4.4 million (7 cents per share) in the second quarter.