TiVo FY Q3 Tops Street Estimates; Q4 Rev Outlook Light

TiVo (TIVO) this afternoon reported better-than-forecast results for its fiscal third quarter ended October 31. For the quarter, the company posted service and technology revenue of $51.7 million, down from $58.3 million a year ago, but above guidance of $49 million to $51 million . The company posted net income for the quarter of $100.6 million, due largely to $105 million received in damages in its patent infringement case against Echostar. Excluding the litigation proceeds, the company lost $900,000 in the quarter, with adjusted EBITDA of $7.5 million. The company had forecast a net loss of $7 million to $9 million and adjusted EBITDA ranging from negative $1 million to positive $1 million. For the fiscal fourth quarter ending in January, TiVo sees service and technology revenue falling to $47 million to $49 million, below the Street view of $55.5 million. The company sees a net loss of $10 million to $12 million, with an adjusted EBITDA loss of $2 million to $4 million. The company ... (link)