HOLLYWOOD — With its main competition adrift in bankruptcy proceedings, TV electronics company TiVo had a very good quarter, upping net revenues 119%, cutting net losses 78% and rolling out services that fueled a big jump in subscribers.
Net losses fell to $7.9 million, dramatically down from 2002’s $35.2 million loss in the same quarter. Net revs jumped from $13 million to $28.5 million in TiVo’s first quarter, which ended April 30.
The 6-year-old electronics company’s subscriber base soared nearly 13% to 709,000 users, and it predicted that it would nearly double subscriptions this year by adding 450,000 to 600,000 users.
Growth was fueled by consumer interest in the company’s new Home Media Option, which lets its digital video recorders store a household’s music, photos and videos along with TV programming. Company also announced it will begin offering a lower-cost service later this year, called TiVo Basic, which can be licensed by other companies for their hybrid DVD players and other electronics devices.
Despite the generally good news, TiVo’s stock dropped 18 cents, or 2.5%, on Friday to $7.11 per share on the Nasdaq, part of a broader market disinterest in tech stocks leading into the holiday weekend.
TiVo made the gains in a quarter when its best-known competitor, SonicBlue, was mired in bankruptcy court, its Replay line of digital video recorders auctioned off to the Japanese holding company that owns Denon and Marantz stereo equipment.