WASHINGTON (dpa-AFX) - Television solutions provider TiVo Inc. (TIVO) Wednesday reported a wider net loss for the second quarter, hurt by increased operating expenses. Revenues meanwhile increased from last year as subscriptions for its branded digital video recorders spiked. TiVo's quarterly loss was narrower compared to Street estimates, while its service and technology revenues fell shy.
Moving forward, TiVo said it expects to incur a loss for the third quarter, partly on high litigation costs, but it forecast revenues above Street expectations.
TiVo shares are currently gaining nearly 6.0 percent in extended session on the Nasdaq, following the news.
TiVo's net subscriptions in the second quarter increased 230,000, compared to a loss of 33,000 subscriptions last year. It ended the quarter with 2.7 million subscriptions, up 41 percent from a year ago. TiVo's average revenue per subscription also improved to $8.42 from $8.31 in the prior year.
CEO Tom Rogers said, '..The number of TiVo subscriptions across the globe grew 41% year-over-year this quarter, highlighted by continued success at Virgin Media, which recently reached one million TiVo subscriptions...'
Alviso, California-based TiVo reported second quarter net loss of $27.7 million or $0.23 per share, compared to net loss of $19.5 million or $0.17 per share last year.
On average, 14 analysts polled by Thomson Reuters expected a loss $0.24 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter totaled $65 million, compared to $61 million last year. Service and technology revenues grew 10 percent from a year ago to $54.1 million. Analysts estimated revenues of $54.32 million.
TiVo forecasts third quarter net loss of $29 million to $27 million, with service and technology revenues of $57 million to $59 million.
Analysts currently expect a loss of $0.16 per share on revenues of $56.48 million for the third quarter.
TIVO closed Wednesday at $9.36, down 1.59 percent, on a volume of over 3.0 million shares. In after-hours, the stock gained $0.54 or 5.77%
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