DVR pioneer TiVo reported third-quarter earnings for the quarter ended Oct. 31 after market close today, and the news wasn’t good.Net losses more than tripled from last year’s quarter to $20.4 million, and revenue was $41.3 million–down from $42.1 million last quarter and $47.1 million a year ago. Competition from cable providers and online sources like Hulu continues to hurt: the company lost 112,000 subscribers during the quarter, and nearly 500,000 since last year, and now has a total of 2.3 million. Churn rates rose slightly to 2% per month, up from 1.7% a year ago.
The company expects technology-provider deals with European providers, like Virgin Media in the UK and Canal in Scandinavia, will eventually help it by giving it access to 7 million new customers. A forthcoming iPad app, which will let users search, browse, and discover content from their iPad without interrupting what they’re watching on TV, could attract some subscribers TiVo is also experimenting with pricing for its own services, with lower up-front prices and higher subscription rates. That’s led to higher subscription rates and revenue-per-subscriber, but creates a short-term hit on revenue.
That means more of the same for next quarter: the company expects losses of $32 million to $34 million on revenues between $40 million and $42 million.
Business Insider Emails & Alerts
Site highlights each day to your inbox.