TiVo announced its third quarter earnings report yesterday, and it was one of the most positive earnings reports in the cable and broadband space this quarter.
The biggest win for TiVo came in quarterly net subscriptions. The company added more than 400,000 net subscribers this quarter, which is the company’s most in 10 years.
Fully 418,000 of those subscribers added were through TiVo’s increasingly lucrative MSO business, which experienced great growth in quarter three. Revenue in TiVo’s MSO business rose approximately 60 percent year-over-year.
“Our relationships with more than 70 global operator partners through our traditional TiVo solution, Digitalsmiths and Cubiware (all coming together in a next-generation solution — TiVo Lite) products continue to strengthen and we are seeing significant interest from new operators across all offerings,” TiVo CEO Tom Rogers said in a statement. “On the international MSO front, we reached over four million subscriptions, driven by strong results from Vodafone Spain and Virgin Media. We also reached a new deal with Millicom, a global provider of wireless and wireline communication services to over 50 million subscribers, including to 6 million wireline homes passed in Latin America, to provide our products in various countries across its Latin American footprint.”
TiVo also did well reaching its revenue goals this quarter. TiVo had guidance of between $100 and $103 million this quarter, and it hit $102.8 million in revenue this quarter, an increase of 17 percent year-over-year.
For the fourth quarter of fiscal year 2016, TiVo anticipates service and software & technology revenues in the range of $101 million to $104 million.