Continuing to transform its business to one driven by MSO partnerships, TiVo added 283,000 pay-TV subscribers in the second quarter, a 20 percent improvement over the same period in 2013.
The additions bring the DVR maker's pay-TV customer base to nearly 3.9 million users. Overall, TiVo touts 4.8 million customers, with MSO adds in Q2 more than offsetting the loss of 20,000 users of retail-purchased devices.
TiVo has added about 1.2 million pay-TV subscriptions over the last 12 months vs. just 44,000 retail customers.
TiVo reported net income of $9.3 million in the second quarter, a significant year-over-year increase once a $276 million windfall in Q2 2013 relating to the Cisco/Motorola litigation settlement is taken out of the equation.
TiVo also reported Q2 revenue of $111.9 million, up 11.8 percent and beating analysts' consensus projections of $87.7 million.
"We also continue to build out integration for operators of traditional video and next generation video into what is the only true advanced television bundle of all content from all sources," said TiVo President and CEO Tom Rogers. "For example, Netflix (NASDAQ: NFLX) continues to be integrated into the TiVo cable set-top box experience with U.S. operators, which now include Atlantic Broadband, Cable One, Grande Communications, Suddenlink Communications, RCN Corp., Midcontinent Communications, and GCI in addition to European operators Virgin and Com Hem."
For more:
- read this TiVo investor announcement
- read this Multichannel News story
Earnings summary: Sizing up pay TV earnings for the second quarter of 2014
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