TiVo Hits 3 Million Subscribers

TiVo's(TIVO Quote) recently discounted shares got a boost Friday when the digital recorder company said net subscriptions grew by 698,000 in the fourth quarter and topped 3 million at Jan. 31.

The additional customers included 251,000 Tivo-owned subscriptions and 447,000 DirecTV subscriptions.

"Last year, we launched an aggressive growth plan that included increasing our subscription acquisition spending to grow our base, strengthen our market position, and fuel our recurring revenue model," the company said in a statement. "We accomplished our goal of doubling our sub base to over 3 million subscriptions."

TiVo shares have been hammered over the last year, falling from about $12 to a Thursday close of $3.62. Bears on the stock say the TiVo DVR is threatened by competing recorders, particularly those sold by cable and satellite television companies. The company is currently searching for a successor to CEO Mike Ramsay and President Marty Yudkovitz resigned three weeks ago.

The shares added 27 cents, or 7.5%, to $3.89 Friday morning.