Fresh off its high-profile plugs in the Emmy awards show, DVR device and software company TiVo announced a net loss of $6.4 million for the second quarter on revenues of $52.9 million, up from $40.7 million for the same quarter last year.
That loss was less than it expected, but still up considerably from the $900,000 loss in the first quarter.
TiVo CEO Tom Rogers attributed the loss to the costs of patent fights in court--most notably with EchoStar--hardware costs from the change to zero upfront pricing, and stock options. TiVo earlier this year scrapped its one-time upfront option in favor of a straight monthly service fee.
TiVo added 74,000 new subs, down from the 77,000 it added in the second quarter last year.
Rogers pointed to hopeful signs in the recent Cox deal to employ TiVO DVR software in existing cable boxes, and its ongoing relationship with Comcast.
Rogers said that there had been no significant advertising spending in the quarter, which seemed to trouble Wall Street analyst Friedman Billings Ramsey (FBR).
In its report on TiVo Thursday, FBR argued that it saw the company's principal growth area as subscribers. "Our key issue with the company's fundamentals remains its growth opportunity, which, we believe, is tied up with the need to increase subscriber-acquisition spending, particularly on advertising.
FBR said it was not "chasing" the shares at the current $7.66 price, sticking with its target value of $6.