TiVo has reported its financial results for Q3. Service and technology revenues were $81.7 million, up from 61 million in the same period last year, so the PVR manufacturer. Further, TiVo is anticipating Q4 sales revenues of about $84 million.
TiVo reported net income of $12.5 million, compared to guidance of net income of $6 million to $8 million. This compared to a net income of $59.0 million in the same quarter last year. During the quarter TiVo also added approximately 300,000 MSO subscriptions, almost 25% better than last quarter's growth.
Tom Rogers, President and CEO of TiVo, said, "This was another solid quarter for TiVo. 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.
DTG Staff | 27.11.2013