TiVo (TIVO) Misses Q3 EPS by 1c

TiVo (NASDAQ: TIVO) reported Q3 EPS of $0.06, $0.01 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $118.4 million versus the consensus estimate of $87.9 million.

• Added 328,000 TiVo subscriptions, bringing total subscriptions to over 5.1 million, a 32% year-over-year increase
• Cogeco launched a TiVo platform in Canada in a little over three months after a partnership announced
• TiVo-Owned gross additions were up 9% year-over-year in third quarter and net additions were positive in October
• Broadening TiVo's retail product line, introduced TiVo Roamio OTA as an Over-the-Air (OTA) solution and TiVo Mega for the high end home installation market
• Launched Amazon Instant Video, including Prime Instant Video, Vudu, and Home Shopping Network applications on our TiVo Roamio platform

Management Provides Financial Guidance

For the fourth quarter of Fiscal Year 2015, TiVo anticipates service and technology revenues in the range of $87 million to $90 million.

TiVo expects Adjusted EBITDA to be in the range of $21 million to $24 million and net income to be in the range of $2 million to $5 million.

Included in the fourth quarter financial guidance is an expected increase in TiVo-Owned acquisition/marketing expenditure compared to the third quarter, relating to the typical seasonal efforts to drive subscriptions during the holiday season. This increased expenditure is expected to yield additional gross subscription additions. Additionally, TiVo anticipates lower hardware revenue and absolute margin compared to the third quarter due to the continuing trend of MSO partners opting for the TiVo Service on third-party hardware.

For earnings history and earnings-related data on TiVo (TIVO) click here.

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