Tivo revenue rises on higher Virgin Media subscriptions

(Reuters) - Tivo Inc reported better-than-expected quarterly results on higher subscriptions of its trademark digital video recorders at Virgin Media Inc , sending Tivo's shares up as much as 5 percent in extended trading.

While TiVo continues to sell its set-top boxes, it also licenses its digital video recording technology to cable operators such as Virgin, Charter, DirecTV , Ono, RCN and Suddenlink.

'The number of Tivo subscriptions across the globe grew 41 percent year-over-year this quarter, highlighted by continued success at Virgin Media, which recently reached one million TiVo subscriptions,' Chief Executive Tom Rogers said in a statement.

Virgin Media reported Tivo subscriber additions of 261,700 for its June quarter.

Rogers said Virgin Media contributes the highest number of subscribers to Tivo.

Total subscriptions grew by 230,000 in the second quarter.

Tivo expects a net loss in the range of $27 million to $29 million for the third quarter.

Analysts were expecting a net loss of $20.7 million, according to Thomson Reuters I/B/E/S.

Revenue in the second quarter at Tivo rose 7 percent to $65.3 million.

Net loss widened to $27.7 million, or 23 cents per share, in the second quarter, from $19.6 million, or 17 cents per share, a year earlier.

Analysts on average had expected a loss of 24 cents per share on revenue of $54.3 million.

Shares of Tivo were up at $9.79 in extended trade. They closed at $9.36 on the Nasdaq on Wednesday.

(Reporting by Chandni Doulatramani in Bangalore; Editing by Sriraj Kalluvila)



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