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NEW YORK (
TiVo(TIVO - Get Report) shares are sliding in after-hours trading after the company
posted weak first-quarter results and second-quarter guidance.
The digital video recording company reported a loss of 17 cents a share on $67.78 million in revenue for the first quarter. Service and technology revenue came in at $54.5 million. Analysts polled by
Thomson Reuters were expecting a loss of 15 cents a share on $54.89 million in service and technology revenue.
"Our first quarter represented a solid start to the year for TiVo with our results in line with our financial outlook and as we continued to execute on our key objectives," explained Tom Rogers, the TiVo CEO, in a statement. "Global adoption of TiVo progressed as we grew our subscription base 27% year-over-year, or by 524,000 subscriptions. Further, we delivered 40% year-over-year service and technology revenue growth, made considerable progress in our efforts to protect our intellectual property and continued to innovate announcing a number of products related to the TV Everywhere experience."
For its fiscal second-quarter, TiVo said it expects service and technology revenue to be between $53 million and $55 million and projects a net loss of $28 million to $30 million Analysts polled by
Thomson Reuters expect revenue to be $56.5 million and losses of $27 million.
Shares of TiVo closed the regular session lower, off 3.03% to wind up at $8.96. Shares are moving lower in after-hours trading, falling 4.91% to $8.52 according to
Nasdaq.com on 317,223 shares.
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Written by Chris Ciaccia in New York