TiVo shares tumble 6%
NEW YORK (AP) – Shares of TiVo Inc. slipped Thursday after the company reported a first-quarter loss on declining revenue.
Late Wednesday, the Alviso, Calif.-based company, which makes digital video recorders, reported a first-quarter loss of $4.1 million, or 4 cents per share, on sales of $54.9 million (story here). Total revenue slipped from $60.8 million in the same quarter a year ago.
The first-quarter results, however, beat the average forecast from analysts, who forecast a loss of 5 cents per share and revenue of $48.6 million.
Tony Wible, an analyst with Janney Montgomery Scott who has a "buy" rating on TiVo, said investors may be pulling back from shares because of the continued cost of litigation.
TiVo has been embroiled with Dish Network Corp. in a patent dispute over technology in its set-top boxes.
"This case has been going on for a long time," Wible said. "People would just rather have it past us." He estimates the full cost of the trial for the first half of the year at about $20 million.
TiVo shares slid 42 cents, or 6 percent, to $6.56 in late trading Thursday.