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TiVo (Nasdaq: TIVO) reversed its fortunes in Q1 from the year before, with net income of $835,000 compared to a net loss of $10.7 million in Q106. Revenue for the quarter ended April 30 rose 6.4 percent to $60.4 million from $56.8 million a year earlier. This despite TiVo-owned subscription gross additions falling to 57,000 from 91,000 additions a year ago, while TiVo-owned subscriptions grew slightly to 1.7 million from 1.5 million a year ago. But cumulative total subscriptions of 4.34 million, were down from 4.42 million a year earlier and monthly churn rate, or subscriber loss, was 1.1 percent, up from 0.9 percent a year ago, and down from 1.2 percent in the prior quarter.
Service revenue rose to $54.2 million from $47 million, while technology revenue dropped to $3.93 million from $8.08 million. Hardware revenue jumped to $2.29 million from $1.72 million a year ago. Earnings release (PDF) |
Update: From the earnings call transcript (via SeekingAlpha): CEO Tom Rogers: “We believe these results validate our approach to driving standalone business forward in a way that substantially improves the company’s business model.” TiVo also offers more movies through its partnership with Amazon