TiVo, a brand of digital video recorder (DVR), announced significant increase of first-quarter net income due to reduced operating costs.
The income constituted $3.6 million, or 4 cents per share, that is up 336 percent from $835,000, or 1 cent per share, in the same period a year earlier.
The company’s revenue for services and technology gained $54.9 million, down from $58.1 million the previous year.
TiVo reported that it had 3.8 million total subscribers in the first quarter, compared with 4.3 million in the same period a year ago.
As for forecasts, the company expects a net loss of $2 million to $4 million in the current quarter on service and technology revenue of $53 million to $55 million.
The company’s stock closed at $8.10, down 16 cents or 1.9 percent, on Wednesday. After-hours trading added 2 cents to shares.