DVR maker TiVo (TIVO) is shedding staff, the company reveals in a SEC filing:
On November 18, 2008, we commenced a plan to reduce our operational expenses, primarily through a reduction in headcount, as we manage through the challenges presented by a difficult economic climate and a rapidly evolving retail consumer market.
We’re interpreting “a rapidly evolving consumer market” to mean the company is getting clobbered by cheap alternative DVR solutions built into cable and satellite set-top boxes.
We called Tivo to ask how many layoffs are in the works and haven’t heard back yet. But it’s probably not too many: The company says in its filing it will take a pre-tax charge of just $1 million for severance benefits and out-placement.
TiVo reports Q3 results next Tuesday. We suppose they’ll outline some of their cuts then.
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