TiVo Inc. (TIVO) fell posted a wider first-quarter loss that still beat Wall Street's view, but the company gave guidance below analyst forecasts, sending shares of the company lower after the market closed, Tuesday.
The company, which makes devices for digital video recording said it expects a second-quarter loss in the range of $17 to $19 million, with revenue coming in between $40 and $42 million. The view fell below expectations; the Street was expecting a loss of $14.6 million on revenue of $43 million during the quarter.
In the first quarter, TiVo saw its losses widen to $14.2 million, or 13 cents a share, which compares to last year’s first-quarter loss of $3.9 million, or 4 cents a share. The company cited increased spending on legal services and research and development for wider loss.
Net revenue rose 11% to $61.4 million, compared to year-ago net sales of $55.1 million. Revenue from services and technology fell slightly to $43.2 million, down from last year’s service and technology sales of $ $48.5 million.
Analysts polled by Thomson Reuters had predicted a loss of 16 cents a share on services and technology revenue of $43 million.
"We continue to expand our strategic initiatives demonstrating our potential for broad distribution in many incarnations. Our new broadened advanced television approach with its unique user interface has played a significant part in driving a range of new distribution partners,” said Tom Rogers, President and CEO of TiVo. “We remain a financially strong company with exciting growth prospects that will begin to play out in the years ahead, particularly with TiVo at the forefront of innovation and a driving force that defines how television viewers will access and consume content in an ever-changing media landscape."
Shares of TiVo fell 15 cents or 1.64% in after-hours trading on Tuesday, after closing up 9 cents or 1.00% at $9.14 a share.
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