Driven by burgeoning partnerships with U.S. cable operators, TiVo added 328,000 news subscribers in its fiscal third quarter, upping its customer base to 5.1 million.
The set-top maker's Q3 customer growth was up 32 percent over Q3 2013, when it added 274,000 customers. The company added 624,000 subs through the first two quarters of 2014.
"We have now reached over four million total MSO subscriptions, proof that our operator relationships are thriving," said Tom Rogers, president and CEO, in the earnings release.
For TiVo and Rogers, the subscriber growth helped mask Q3 net income that was slightly lower than consensus forecasts at $6.35 million. However, quarterly revenue hit a record $118.4 million in the quarter, up from $117.3 million in Q3 2013.
Commenting for the first time since Congress passed a bill ending the Federal Communications Commissions ban on set-tops with integrated security features, Rogers told Multichannel News Tuesday, "We're all for moving beyond CableCARD, because that has been one helluva lot of friction in our customer business.
"Our issue has simply been to make sure the cable industry supports CableCARD until we're really transitioning to a new standard of downloadable security that works better," he added.
For more:
- read this TiVo earnings release
- read this Wall Street Journal story
- read this Bloomberg story
- read this Multichannel News story
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