TiVo 3Q net income falls, but revenue rises
TiVo Inc. said Tuesday that its third-quarter net income fell 79 percent from a year when its results were boosted by $78.4 million in litigation proceeds from an intellectual property settlement with Verizon. But revenue rose as more people signed up for its digital video recording services.
The company, which is based in Alviso, Calif., said subscriptions rose 32 percent from a year ago to 3.9 million.
Net income fell to $12.5 million, or 10 cents per share, in the quarter ending Oct. 31. That compares with net income of $59 million, or 44 cents per share, in the same quarter a year ago.
Revenue rose 43 percent to $117.3 million from $82 million.
Analysts expected earnings of 6 cents per share and revenue of $104 million, according to FactSet.
In after-hours trading, shares rose 11 cents to $13.35. They closed at $13.24 Tuesday.