TiVo released its third quarter results today, and while the company reported a profit (thank you, EchoStar for that $105 million patent violation payment) the DVR maker lost 163,000 subscribers, dragging its total number of subscribers down to 3.46 million — the lowest it’s been since the spring of 2005.
TV by the Numbers has been tracking TiVo’s subscriber freefall and has a comprehensive and pretty chart (well, pretty if you’re not a TiVo employee or shareholder). Bill Gorman over there writes:
TiVo may have a valuable intellectual property portfolio, but its hardware selling business is over. For the most recent quarter, it sold fewer than 500 TiVo DVRs a day.
TiVo reported net income of $100.6 million ($0.98 a share). Last year at this time, the company reported a net loss of $8.3 million ($0.08 per share). Revenue for this latest quarter slipped to $64.5 million from $75.5 million with non-hardware revenue from its service and technology groups dropping 11 percent to $51.7 million.
And the company doesn’t expect its fortunes to change much this quarter. TiVo said the down economy will put the kibosh on sales this holiday season. TiVo made it known through a regulatory filing last week that it was laying off staff and taking a $1 million pretax charge for severance charges and outplacement.