TiVo Inc., which develops and provides software and technology for advanced television services for set-top boxes, tablets, smartphones, and other consumer electronics, announced that its net income for the fourth quarter of 2013 was 710,000 dollars as a record 313,000 new cable-TV subscribers were added to its services.
TiVo Inc., which is based in San Jose, California, made an official statement today, revealing that its net income is estimated to 1 cent per share. In comparison, the company posted a 15.8-million-dollar loss, or 13 cents per share, for the same period in 2012. TiVo Inc. also revealed that its sales increased by 20% and reached 106.3 million dollars during the quarter through on January 31st, missing analysts estimates for a jump to 112.6 million dollars.
In the statement, the company also shared that it plans to buy back an additional 100 million dollars of its shares during the first quarter of the fiscal 2014. TiVo Inc. forecast fiscal first-quarter net income in the interval between 5 and 8 million dollars. The company said it expects a service-and-technology revenue from 85 do 87 million dollars, slightly trailing the median estimate of analysts surveyed by Thomson Reuters for 88 million dollars in comparable revenue.
The TV set-top boxes provider has been focusing its efforts into extending the reach of its services. Last month TiVo made an attempt to increase its market share by reaching an agreement to purchase Digitalsmiths, which is a company providing cloud-based media services, in a 135-million-dollar deal.
In spite of the constantly increasing number of rivals, TiVo Inc. continues its expansion strategy, having added new subscribers during the fourth quarter of the fiscal 2013. The company said that it managed to add 319,000 subscribers in comparison to the 209,000 ones added in 2012. This makes a total of 4.2 million subscriptions.
TiVo Inc. fell by 2.58% on Wednesday to close the session at $12.83, marking a one-year change of +3.32% and trimming the companys market value to 1.56 billion dollars. According to CNN Money, the 15 analysts offering 12-month price forecasts for TiVo Inc. have a median target of $14.50, with a high estimate of $23.00 and a low estimate of $11.00. The median estimate represents a +13.02% increase from the last close.
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