TiVo swings to $20M Q1 loss
TiVo said Wednesday that it posted a $20.8 million fiscal first-quarter loss, reversing a profit in the same quarter last year, as hefty costs more than offset a jump in revenue.
The comparison is difficult in part because the year-ago quarter got a boost from settling the company's digital video recorder patent lawsuit against Dish Network for $175.7 million.
TiVo's total revenue for the quarter that ended April 30 rose 48 percent to $67.8 million from $45.8 million, while combined service and technology revenue jumped 40 percent to $54.5 million.
Analysts expected lower revenue of $55.3 million, according to FactSet.
But the loss of 17 cents per share was bigger than Wall Street expected. Analysts, on average, expected a loss of 15 cents per share.
A year earlier, TiVo earned $139 million, or $1.04 per share.
TiVo said it has about 2.5 million subscribers, a rise of 27 percent, and it expects subscriptions to grow even faster during the rest of the fiscal year.
For the current quarter, TiVo expects to post a loss of $28 million to $30 million on revenue from services and technology of $53 million to $55 million. Analysts on average expect $54.6 million in revenue for the two categories combined.
TiVo shares fell 27 cents, or 3 percent, to $8.69 in aftermarket trading. Before the company reported on its earnings, the stock lost 28 cents, or 3 percent, to end the regular session at $8.96.