TiVo Shares Fall 1.6% As Profit Misses Estimates

TiVo Inc. shares slumped 1.6% in after-hours trade Tuesday, after the company missed profit estimates for its third fiscal quarter. TiVo said it had net income of $6.345 million, or 6 cents a share, in the quarter, down from $12.487 million, or 10 cents a share in the year-earlier period. Revenue rose to $118.4 million from $117.3 million. The FactSet consensus was for per-share earnings of 7 cents and sales of $115 million. The company is now expecting fourth-quarter service revenue of $87 million to $90 million. Net income is expected to range from $2 million to $5 million, while adjusted EBITDA is expected to range from $21 million to $24 million. The San Jose, Calif. company has been diversifying, expanding into cloud-based media services. It also provides personalized video search, recommendations and browsing, and social trending for the pay-TV industry on mobile platforms. Shares are down 1.6% in the year so far, while the S&P 500 has gained about 12%.