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TiVo 3Q net income falls, but revenue rises

The Associated Press

NEWS: TiVo Inc. said Tuesday that its third-quarter net income fell 79 percent from a year when its results were boosted by $78.4 million in litigation proceeds from an intellectual property settlement with Verizon. But revenue rose as more people signed up for its digital video recording services.

DETAILS: The company, which is based in Alviso, Calif., said subscriptions rose 32 percent from a year ago to 3.9 million.

NUMBERS: Net income fell to $12.5 million, or 10 cents per share, in the quarter ending Oct. 31. That compares with net income of $59 million, or 44 cents per share, in the same quarter a year ago.

Revenue rose 43 percent to $117.3 million from $82 million.

Analysts expected earnings of 6 cents per share and revenue of $104 million, according to FactSet.

STOCK: In after-hours trading, shares rose 11 cents to $13.35. They closed at $13.24 Tuesday.