TiVo posts wider Q2 loss, beats analyst views
ALVISO, Calif. (AP) – Digital video recorder maker TiVo Inc. lost significantly more money in its fiscal second quarter than it did a year earlier, but it still turned in results that were slightly ahead of Wall Street's expectations.
TiVo, which pioneered the DVR market, has a loyal following among hardcore TV fans who believe its user guide is superior to those offered by cable set-top boxes. But fierce competition from cable boxes, high research and development costs, and a six-year patent dispute with satellite TV company Dish Network Corp. have resulted in a string of quarterly losses for TiVo.
The Alviso, Calif., company is stepping up its efforts to expand beyond sales of DVRs directly to consumers and is distributing its set-top boxes and technology through cable operators including RCN Corp., Cox Communications and Suddenlink Communications. TiVo is making a similar push overseas – striking recent deals with Virgin Media in the U.K. and the Spanish cable company Ono.
For the three months ended July 31, TiVo said Wednesday it lost $15.3 million, or 13 cents per share, on $51.6 million in revenue. That compares with a loss of $2.7 million, or 3 cents per share, on $57.6 million in revenue in the same quarter a year earlier.
Wall Street on average had expected the company to report a loss of 15 cents per share on $41.9 million in revenue in the latest quarter, according to a survey of analysts polled by Thomson Reuters.
For its fiscal third quarter, TiVo said it expects a loss in the range of $19 million to $21 million.
The company's shares closed up 12 cents at $8.47 Wednesday.