TiVo reports narrower loss in third quarter

US firm TiVo posted a narrower third-quarter loss as the maker of digital video recorders gained a modest number of new subscribers amid tough competition, an Associated Press report said.

The company reported a quarterly loss of $11.1 million for the three months ending October 31. In the same period last year, TiVo's net loss was $14.2 million, the Associated Press report said.

Net revenues climbed to $65.6 million, up from $49.6 million a year ago. Excluding hardware sales, service and technology revenue rose 22% to $52.6 million, compared with $43.2 million for the year-ago period, the report said.

Analysts, on average, were expecting a loss of $0.15 per share on service and technology revenue of $54.7 million, according to a survey by Thomson Financial, the report said.

TiVo said the number of subscribers grew to 4.4 million in the quarter, up 11% from a year ago, the report said.

The company projected a net loss of $33 million to $38 million in its fiscal fourth quarter due to greater hardware rebates in the holiday shopping season. It expects service and techn0logy revenue of $54 million to $55 million.

TiVo, which has yet to become profitable, introduced a series of new features in the past year to compete against rival DVR offerings from cable and satellite TV providers, the report said.