TiVo Inc. sank into a deeper fourth-quarter loss, weighed down by higher rebate expenses as the company continues to aggressively recruit subscribers.
The company said it met the goal of doubling the number of subscribers to more than 3 million, and noted that growing revenue, combined with planned cuts in acquisition spending this year, will help put TiVo into the black by the fourth quarter.
The Alviso-based maker of digital television recorders Thursday said it lost $34 million, or 42 cents a share, on revenue of $60 million in the fiscal fourth quarter ended Jan. 31.
The latest quarter's results included $3.2 million in non-cash charges from the redemption of convertible senior notes.
Analysts were expecting a loss of 43 cents a share, excluding items, according to Thomson First Call.
In the same period the previous year, it lost $12.4 million, or 18 cents a share, on revenue of $42.6 million.
TiVo added about 698,000 net subscriptions in the fourth quarter, more than double what it added in the fourth quarter of last year.
The company expects a first-quarter loss of $8 million to $10 million. In the first quarter a year ago, the company lost $9.1 million on revenue of $25.2 million.
TiVo expects a year loss of $10 million to $25 million, excluding options expense.
In the year ended Jan. 31, the company lost $80 million, or 99 cents a share, on revenue of $172 million.
In the previous year, it lost $32 million, or 48 cents a share, on revenue of $141.1 million.
