TiVo Sets 3Q Record, Boosts 4Q Projections - Multichannel

TiVo Sets 3Q Record, Boosts 4Q Projections

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TiVo Inc. said Thursday that it added a record 209,000 subscriptions to its digital-video-recorder service in its third quarter, which ended Oct. 31.

Some 150,000 of those new subscribers came through DirecTV Inc., TiVo added.

The company said that due to higher-than-expected demand, it increased its guidance for subscription growth in the fourth quarter.

TiVo now expects to add 325,000-375,000 net new subscriptions in its fourth quarter ending Jan. 31, ending the quarter with up to 1.377 million customers.

The company’s net revenues for the third quarter were $43.3 million, up 73% from last year, including $22.7 million from service and technology and $24.5 million from hardware.

TiVo’s gross profit for the quarter was $9 million, more than double the third-quarter-2002 figure. Its net loss for the quarter was $7.4 million, or $0.11 per share, less than one-half the $0.23-per-share net loss in the year-ago period.

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