TiVo -- the former Rovi Corp, which bought TiVo in 2016 and took the company name -- witnessed sharply higher revenue in the fourth quarter, with better-than-expected results.
TiVo's revenue grew 69% to $252.3 million from $149.5 million, while net income dropped in half -- to $9.8 million from $26.3 million. A day after reporting its fourth-quarter financial results, TiVo's stock was up a big 11% in mid-day Thursday trading to $21.28.
Rovi, which provides electronic program guides to TV manufacturers and TV services, registered higher revenues due to completion of the TiVo acquisition (more recently called TiVo Solutions) which contributed $125.8 million in revenues. TiVo provides services and technology for TV program time-shifting -- as well as TV data and research.
TiVo says revenue gained from the license agreement with Samsung, including catch-up payments --- as well as deals with HBO and Netflix.
Tivo says approximately 23 million subscriber households around the world use its technologies.
In April 2016, Rovi Corp. bought TiVo for $1.1 billion.
Tom Carson, president/chief executive officer of TiVo, stated in a release: “The TiVo integration is proceeding as planned and we continue to expect revenues in excess of $800 million for 2017.” Carson added that the company is on pace to realize $100 million in cost synergy savings.