In a story May 20 about TiVo's quarterly results, The Associated Press reported erroneously which company now owns the TV set-top business that used to be part of Motorola Mobility. Arris Group Inc. now owns the set-top business.
A corrected version of the story is below:
TiVo narrows 1Q loss as subscribers increase
TiVo narrows 1st-quarter loss as it adds subscribers; sees loss in current quarter
The Associated Press
TiVo Inc. narrowed its fiscal-first quarter loss as revenue grew from an increase in subscribers.
The company on Monday posted a loss of $10.3 million, or 9 cents per share, for the quarter that ended April 30. That's compared with a loss of $20.8 million, or 17 cents per share, in the prior year.
Revenue rose 22 percent, to $82.6 million from $67.8 million.
Analysts polled by FactSet had forecast a loss of 14 cents per share on revenue of $78.3 million.
TiVo's subscription growth through pay-TV distributors such as DirecTV, RCN and Virgin Media has been "impressive," said TiVo CEO Tom Rogers. The subscriber base grew by 277,000 to 2.4 million. For devices sold directly by TiVo, subscriptions fell by 22,000 to 1 million.
The company's hardware business was also more profitable in the first quarter.
The Alviso, Calif.-based digital video recording company has struggled to make money, posting annual losses in nearly all of the past 10 years. It has gotten a boost in the past couple years from patent settlements, however, and litigation continues. TiVo starts a trial versus Motorola next month. Arris Group Inc. now owns the TV set-top business that used to be part of Motorola Mobility.
TiVo forecast a loss between $13 million and $16 million for the current quarter. Analysts predict a loss of $12.4 million.
The company's shares rose 8 cents to close regular trading at $12.66, up 36 percent in the past 12 months, and added 10 cents after hours Monday.