NEW YORK (TheStreet) -- Shares of TiVo Inc (TIVO) were rising, up 4.2% to $10.80 in mid-morning trading Wednesday, after the television recording company released its better than expected first quarter earnings results after the closing bell yesterday.
For the first quarter, the company earned 8 cents per share, higher compared to analysts' expectations of 7 cent per share.
Revenue gained 7.1% from a year ago to $114.7 million, also surpassing the consensus estimate of $111.8 million for the period, according to analysts polled by Thomson Reuters.
The company said the continued expansion of its customer base led to higher than expected revenue growth in the quarter.
In addition, the TiVo announced that it bought pay-tv solutions provider Cubiware for an undisclosed amount. The purchase will help increase its international market share, expanding its presence in 25 additional countries.
"Cubiware immediately accelerates our global Pay-TV efforts and enables us to more rapidly reach an even larger portion of the international market, which is expected to grow to more than a billion subscribers by 2020," said TiVo CEO Tom Rogers in a statement."
San Jose, Calif.-based TiVo is a developer and provider of software and technology that enables the search, navigation, and access of content across sources, including linear television, on-demand television, and broadband video.
The company provides these capabilities through set-top boxes that include digital video recorders, tablet computers, mobile phones, and other screens.
Separately, TheStreet Ratings team rates TIVO INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: