Analysts had expected earnings of $0.06 per share on roughly $89 million in first-quarter revenue. The digital media management specialist reported GAAP earnings of $0.07 per diluted share, up from a $0.09 loss per share in the year-ago period. Service and technology sales rose 39% year-over-year to land at $86 million.
The revenue figure was in line with management guidance, while earnings exceeded the top end of official projections.
TiVo added 341,000 net new customers via cable systems in the quarter, reaching an all-time high of 4.5 million total subscribers.
In a prepared statement, CEO Tom Rogers exhorted the benefits to cable systems when they roll out TiVo-based technologies to their own customers.
The company's set-top boxes bring together a plethora of content sources in one interface. "Importantly, the operators that have embraced TiVo have seen stronger competitive positions and improved operating metrics, including increased on-demand usage, lower churn, and higher revenue per subscriber," Rogers said. "Our domestic partners have attributed the introduction of TiVo services to attracting and retaining customers."
"We executed well this past quarter, delivering strong financial results, growing our subscription base, and driving new innovation," Rogers concluded.
Anders Bylund owns shares of TiVo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.