TiVo Rises Slightly After Positive Q3 Results
TiVo (NASDAQ: TIVO) is trading up less than one percent in after hours trading after the firm announced its third quarter results.
The company reported a Q3 EPs of $0.10 versus the Street estimate of $0.06.
Earnings per share were down 77 percent from the year-ago period.
Revenue arrived at $117.3 million versus the Street estimate of $81.35 million. Sales were up 92 percent year-over-year.
"This was another solid quarter for TiVo," Tom Rogers, President and CEO of TiVo, said in a company release. "Service and technology revenue grew 34% year-over-year and Adjusted EBITDA was $23.8 million, exceeding guidance. Further, TiVo subscriptions rose to approximately 3.9 million in total, a 32% increase year-over-year; driven by a strong quarter of close to 300,000 MSO additions, our strongest cable distribution results to date as well as best subscription growth in several years.
"In fact the best quarter for TiVo subscription growth since TiVo began mass distribution of its technology and services in the cable DVR market. This growth is in stark contrast to the loss of video subs throughout the cable industry. The combination of subscription adds, the overwhelming response to the innovation TiVo Roamio represents, and the important audience research embrace from a top brand, demonstrate the progress TiVo has made over the last quarter and last several quarters."
TiVo has been doing fairly well over the past 18 months. Investors began to take notice of the stock after the company won a number of legal battles, including one with Verizon.
Last year TiVo was expected to be acquired by any number of prominent tech firms. At one point rumors even claimed that Apple would acquire the firm to take advantage of its patents.
Year-to-date, TiVo is up more than three percent.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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