Digital video recorder maker TiVo on Thursday reported a narrower fourth-quarter loss and said revenues rose sharply, boosted by strong subscriber growth.
The San Jose, Calif.-based company, whose product enables users to digitally record television programming onto a computer harddrive, as well as pause and rewind live programming, said its net loss for the three-month period ending Dec. 31 dropped to $38.5 million, vs. $81.5 million for the same quarter a year ago. TiVo expects to see a first-quarter operating loss of between $26 million and $30 million.
Revenues for the quarter rose more than 200% to $6.8 million; subscribers increased 100,000 to about 380,000.
TiVo said it believes it is on track to reach cash flow break-even by the end of its fiscal year in 2003.
The company plans to raise the price for its television recording service by 30% beginning April 2 to $12.95 per month. Customers of DirecTV’s TiVo service will not be affected.
Shares of TiVo rose 76 cents to close at $6.76 on Thursday.