UPDATE: TiVo Q4 Earnings Beat Estimates, Shares Rise After-Hours

Shares of

climbed over 5% in after-hours trading after the company reported better-than-expected earnings for the fourth quarter. The San Jose, California-based company posted quarterly net income of $7.1 million, or $0.07 per share, versus $710,000, or $0.01 per share, in the year-ago quarter. Its revenue surged to $114.1 million from $106.3 million. However, analysts were expecting earnings of $0.04 per share on revenue of $116.2 million. Adjusted EBITDA climbed 24% y/y to $24.2 million in the quarter. Service and technology revenue climbed 9% to $91.7 million in the quarter, versus estimates of $89.85 million. During the quarter, total TiVo subscriptions rose 30%. Net subscriber additions surged to 340,000 in the latest quarter, compared to 319,000, in the year-ago period. Tom Rogers, President and CEO of TiVo, said, "The fourth quarter completed what was a strong year of execution for TiVo. Service and Technology revenue increased 9% and Adjusted EBITDA increased to $24.2 million. In the fourth quarter, we posted MSO subscription net additions of 324,000 and positive TiVo-Owned net additions of 16,000, our strongest TiVo-Owned net additions seven years. Total TiVo subscriptions now stand at almost 5.5 million, nearly 1.3 million more than at this time last year." For the first quarter, the company projects service and technology revenue of $90 million to $92 million. The company also expects adjusted EBITDA of $26 million to $29 million and net income of $5 million to $8 million for the quarter. TiVo shares surged 5.33% to $11.85 in the after-hours trading session.