TiVo revenue jumps 30 percent as subscriptions rise

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Digital video recorder maker class="mandelbrot_refrag">TiVo Inc reported a 30 percent rise in quarterly revenue, helped by strong growth in subscriptions through European cable company partners such as Virgin Media and Ono.

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TiVo's shares rose 5 percent in extended trading.

Cable subscribers are turning to TiVo's set-top boxes that also allow them to access online video services such as class="mandelbrot_refrag">Netflix Inc, Hulu and class="mandelbrot_refrag">Google Inc's YouTube.

class="mandelbrot_refrag">TiVo said total subscribers in the first quarter crossed 4.5 million, including net additions of 341,000 in its cable and satellite television class="mandelbrot_refrag">business. The business provides digital video recording service through the company's and service providers' set-top boxes.

Liberty Global Plc unit Virgin Media said on May 7 that net subscriber additions for TiVo's set-top boxes were 155,200 in the first quarter ended March 31, compared with 136,900 in the fourth quarter.

TiVo's cable customers also include DirecTV, RCN and Suddenlink.

TiVo forecast second-quarter profit of $6 million to $9 million and service and technology revenue of $86 million to $88 million.

The company reported a net profit of $8.1 million, or 7 cents per share, in the first quarter ended April 30, compared with a loss of $10.3 million, or 9 cents per share, a year earlier.

Revenue rose to $107.1 million from $82.6 million a year earlier, TiVo said on Thursday.

Analysts on an average had expected class="mandelbrot_refrag">earnings of 6 cents per share, according to Thomson Reuters I/B/E/S.

The company's shares, which lost 10 percent of their value in the last six months, were trading at $12.56. They closed at $11.93 on the class="mandelbrot_refrag">Nasdaq on Thursday.

(This story corrects headline, paragraphs 1 and 10 to remove revenue comparison with analysts' estimates. Analysts' estimates include only the company's service and technology revenue, not total revenue)

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Joyjeet Das and Sriraj Kalluvila)

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