Video recorder pioneer TiVo Inc (NASDAQ:TIVO) posted a quarterly profit as it gained $490 million from a patent litigation settlement with Google Inc's (NASDAQ:GOOG) Motorola Mobility and Cisco Systems Inc (NASDAQ:CSCO).
Continue Reading Below
Tivo reported a net profit of $268.9 million, or $1.96 per share, in the second quarter, compared with a net loss of $27.7 million, or 23 cents per share, a year earlier.
Revenue rose 53 percent to $100.1 million.
TiVo said in June it settled a patent lawsuit with Motorola Mobility, which had accused it of infringing patents for digital video recorders.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Don Sebastian)