TiVo results top Street forecast

By @ibtimes on

Digital video recorder maker TiVo Inc reported stronger-than-expected results as it managed to control costs, helping its shares rise 2 percent.

The company said on Wednesday it swung to a net loss of $4.1 million, or 4 cents a share, in the fiscal first quarter ended April 30, from a profit of $3.6 million, or 4 cents a share, in the year-ago period.

The average analyst estimate was for a loss of 6 cents a share, according to Reuters Estimates.

Key service and technology revenue was $48.5 million, compared with an average Wall Street estimate of $48.2 million.

For the current quarter, TiVo forecast service and technology revenue of $47 million to $49 million, compared with the average analyst forecast for $47.3 million. TiVo forecast a net loss of $6 million to $8 million for its fiscal second quarter.

The shares in Alviso, California-based TiVo closed down 30 cents at $6.98 on the Nasdaq and rose to $7.10 in after-hours trading.

(Reporting by Gabriel Madway; Editing by Andre Grenon)

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