A TiVo lawsuit against Verizon Communications has been scheduled for an October trial date.
ALVISO, Calif. (AP) â¿¿ TiVo Inc. whittled its losses in the second quarter as more subscribers signed up for the digital video recorders that turned the company into a household name. The results announced Wednesday were highlighted by a gain of 230,000 subscribers during the three months ended in July. That left TiVo with 2.7 million subscribers, a 41 percent increase from the same time last year. TiVo is still struggling to mine its subscriber growth for profits. The company received an average of $8.42 per month from subscribers in the second quarter, up from $8.31 per month at the same time last year. TiVo lost $27.7 million, or 23 cents per share, in the second quarter. That compared to a loss of $19.6 million, or 17 cents per share, at the same time last year. Analysts surveyed by FactSet had predicted TiVo would lose 24 cents per share. Revenue climbed 7 percent from last year to $65.6 million. Wall Street focuses on TiVo's revenue from its services and technology. That figured totaled $54.1 million, about $400,000 below analyst forecasts. The company, which is based in the Silicon Valley city of Alviso, Calif., expects to sustain a loss of $27 million to $29 million in the current quarter ending in October. That translates into a loss of 23 cents or 24 cents per share. The average analyst estimate calls for a loss of 17 cents per share. Management expects the company's revenue from service and technology to range from $57 million to $59 million. Analysts had forecast $57 million. TiVo shares gained 44 cents, or nearly 5 percent, to $9.80 in Wednesday's extended trading. TiVo is hoping to get a big financial lift from a various lawsuits alleging infringement on its pioneering DVR technology. Last year, the company settled a complaint against satellite-TV providers Dish Network Corp. and EchoStar Corp. for $500 million. At the beginning of this year, TiVo resolved a lawsuit telecommunications company AT&T Inc. for $215 million. The payments from those truces will be staggered over several years.