TiVo makes profit but sees loss
Wed Aug 27 19:43:47 PDT 2008
LOS ANGELES, Aug 27 (Reuters) - Digital video recorder maker TiVo Inc returned to profit in the second quarter but forecast a wider-than expected third-quarter loss, sending shares down 5.4 percent and roughly erasing the day’s gains.
The company said on Wednesday net income for the quarter ended July 31 was $2.9 million, or 3 cents per share, compared with a loss of $17.7 million or 18 cent per share in the year-ago quarter.
Adjusted earnings of 2 cents a share beat analysts’ average estimate of a loss of 2 cents a share, according to Reuters Estimates.
Revenues rose to $65.2 million from $62.7 million.
For the third quarter, TiVo anticipates service and technology revenues in the range of $49 million to $51 million, as well as a net loss in the range of $7 million to $9 million. Wall Street on average expected a loss of $4.2 million.
Shares fell by 5.4 percent to $7.53 in after-hours trading.
(Reporting by Alex Dobuzinskis)
Provided by Reuters
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