TiVo Profit Falls 49% Hurt by Income Tax Provision

Earnings Reuters

Digital video recorder maker TiVo Inc (TIVO) reported a 49 percent fall in quarterly profit, hurt by a provision for future tax bills.

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The company's net profit fell to $6.3 million, or 6 cents per share, for the third quarter ended Oct. 31, from $12.5 million, or 10 cents per share, a year earlier.

TiVo recorded a tax provision of $7.1 million in the quarter, compared with a tax benefit of $2 million a year earlier.

Revenue rose 1 percent to $118.4 million, driven by a 32 percent rise in total subscriptions.

(Reporting by Abhirup Roy and Rohit T.K. in Bangalore; Editing by Simon Jennings)