TiVo Inc. (NASDAQ:TIVO) posted a first-quarter loss and missed expectations for the bottom line, even as total subscription numbers for the content-delivery service rose 27%, compared with the year-ago quarter, and the company added 524,000 subscribers.
TiVo posted a loss of $20.77 million, or 17 cents a share, compared with last year’s first-quarter profit of $139,025, or $1.21 a share, though that profit came as the result of favorable settlements related to TiVo’s DVR patent litigation.
Revenue improved 48% to $67.8 million compared with $45.8 million in the first quarter of last year.
The results were mixed, as analysts had predicted a loss of 15 cents a share on revenue of $54.89 million, according to a poll by Thomson Reuters.
“[We delivered 40% year-over-year service and technology revenue growth, made considerable progress in our efforts to protect our intellectual property and continued to innovate announcing a number of products related to the TV Everywhere experience," said Tom Rogers, President and CEO of TiVo, in a statement.
The company forecast a second-quarter loss in the range of $28 million to $30 million, and warned of increased legal costs due to its lawsuits with Verizon (NYSE:VZ), Motorola and Time Warner.
Shares of TiVo fell 2% in the regular session on Wednesday, before sliding another 22 cents, nearly 3% in after-hours trading after releasing results.