Benefiting from lower costs, digital-video-recorder outfit TiVo reported Wednesday that net income soared for its first quarter, despite lower revenue, although it forecast a second-quarter loss.
Net income in the quarter ended April 30 spurted to $3.6 million, or 4 cents per share, up from $835,000 (1 cent) a year earlier. Revenue slipped 1% to $60.8 million. Monthly churn fell to 1.3% from 1.5%. TiVo has 1.7 million subscribers using its hardware.
"This quarter was about improving our financial profile by managing our subscription-acquisition costs, making progress on our key growth initiatives such as our mass-distribution strategy and protecting our intellectual property," TiVo president and CEO Tom Rogers said in a statement.
TiVo projected a $2 million-$4 million loss in the second quarter from higher marketing costs and litigation expenses in its patent claim against Dish Network, in which it received favorable rulings.