TiVo reports better-than-expected earnings
DetailsMichelle Clancy | 27 May 2015
Shares of TiVo jumped more than 4% in after-hours trading after a better-than-expected earnings report for its fiscal 2016 first quarter.
tivo2It posted quarterly net revenue of $114.7 million, versus $107.1 million a year ago. That clearly beat analyst expectations of $111.8 million. Also, service and technology revenue climbed 7% to $92.4 million.
Cable MSO service revenue specifically climbed 41% year-over-year, and Digitalsmiths http://www.digitalsmiths.com revenue nearly doubled. Total subscriptions stand at approximately 5.8 million, a 27% improvement over last year and a 132% increase over the end of the first quarter of fiscal 2013, before the
Net income came in at $7.88 million, compared to $8.12 million last year.
"Our operational and financial performance this quarter represented a strong start to fiscal 2016," said Tom Rogers, president and CEO of TiVo. "Service and technology revenue exceeded guidance and adjusted EBITDA and net Income came in at the top-end of our guidance."
For the second quarter, TiVo now projects service and technology revenue of $94 million to $97 million. It expects net income of $7 million to $10 million and adjusted earnings before interest, taxes, depreciation and amortization of $29 million to $32 million.