TiVo Tops Targets; Issues Bright Q4 Outlook

Nov. 28, 2007 5:17 PM ETTiVo Corporation (TIVO)
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Eli Hoffmann

Shares of video-recording pioneer TiVo (NASDAQ:TIVO) were up 5.7% to $6.32 in extended trading Wednesday after it narrowed its Q3 loss on an 11% revenue gain. Its Q3 loss of $8.2 million ($0.08/share) on revenue of $58.3 million compares with a $11.1 million loss (-$0.12/share) on revenue of $52.5 million a year ago. Both income and revenue figures beat analyst expectations; analysts were looking for a $0.13/share loss on revenue of $56.7 million.

Looking ahead, TiVo expects to lose $9-$12 million in Q4 on revenue of $58-$60 million; analysts had been expecting a loss of $14.1 million on revenue of $58.6 million. Monthly churn (cancellations and non-renewables) rose to 1.3% from 1% a year ago. Operating expenses increased to $40.2 million from $32.5 million. TiVo-Owned subscription gross additions were 69,000, vs. 101,000 last year. "We believe that this quarter was an important one in terms of capitalizing on the growth opportunities we have in front of us, both in our standalone business and in the newer areas of our business that are beginning to show positive results," CEO Tom Rogers said. "We believe that we have right pieces in place to move the business forward and have great confidence that we will," (full earnings call transcript later today).

TiVo said its much-anticipated deal with cable giant Comcast (CMCSA), which will allow Comcast subscribers to download TiVo software to their DVRs (full story), will begin shortly. "We are very excited by the emphasis that Comcast has placed on this product within its organization and their plans to aggressively market it... Further, we are pleased with Comcast's plans to promote and market the value of the TiVo experience, which will leverage many of their marketing assets including cross-channel TV," it said (press release). Earlier this week, TiVo announced NBC would become the first media company to buy its new proprietary viewer statistics that gives ad producers a better idea of exactly who's watching their ads and who's skipping them (full story).

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Seeking Alpha mourns the loss of Eli Hoffmann, beloved manager, friend and guiding light. Please read the testaments, below. ------------------ I am Seeking Alpha's COO and Editor-in-Chief. My love for the stock markets goes back to when I was a kid. Who else remembers combing through the stock quotes at the back of the business section of your local paper?I joined Seeking Alpha in 2006 and launched Wall Street Breakfast and Market Currents, now known as Breaking News, our top-of-class short-form breaking news for investors. In 2010 I became editor-in-chief and in 2015 I became CEO. In March 2020, David Jackson, our founder, stepped back in as CEO and appointed me COO.I live in Jerusalem with my wife and a bunch of exceptional kids. Most days, you'll find me making the commute from Jerusalem to Raanana. Occasionally I get to work from my home-office, from where I keep an eye on the beautiful Judean Hills. (Note: Until further notice, I am ONLY working from Jerusalem, with all my kids standing on my head. I look forward to getting back to a more normal schedule together with everyone else.)

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