TiVo revenue beats estimates on subscriptions rise

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Digital video recorder maker TiVo Inc reported a better-than-expected rise in quarterly revenue, helped by higher subscriptions.The company's total subscriptions rose about 26 percent to more than 6 million in the second quarter ended July 31.TiVo's set-top boxes are in high demand from cable users as they also allow access to online video services such as Netflix Inc, Hulu and Google Inc's YouTube.Tivo sells subscriptions directly to customers with its video recorders and also licenses its technology to cable TV operators that rent recorders to subscribers.The company, whose clients include DirecTV, is trying to partner with more cable TV operators to grow its business.Tivo sells its products through cable TV partners such as Virgin Media in the UK, ONO in Spain and Com Hem AB in Sweden.TiVo's revenue in the current quarter would be driven by continued strong cable and retail business growth, Chief Executive Tom Rogers said in an interview on Tuesday.The San Jose, California-based company forecast third-quarter service and software and technology revenue of $100-$103 million, compared with $88.1 million a year earlier.Analysts on average were expecting revenue of $98.2 million, according to Thomson Reuters I/B/E/S.TiVo's net income fell to $8.3 million in the second quarter from $9.3 million a year earlier.A lower share count boost profit on a per share basis by one cent to 9 cents, which matched analysts estimates.Net revenue rose to $119.5 million from $111.9 million.Revenue from Tivo's services and software and technology businesses rose about 14 percent to $99.1 million, while analysts had expected $96 million.The company also said that it filed a patent infringement suit against Samsung Electronics Co Ltd.Tivo's shares closed at $9.10 on the Nasdaq. The stock was flat in extended trading on Tuesday. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila and Savio D'Souza)

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