NEW YORK: PVR pioneer TiVo posted a wider-than-expected fiscal second quarter loss after an inventory write-off, due to retailers' shift to selling newer-technology HDTV recorders.
The firm's net loss was $17.7 million (€13m; £8.8m), compared with the year-on-year loss of $6.4m, while Q2 revenue rose 6% to $62.7m. The inventory write-down amounted to $11.2m.
Ceo Tom Rogers said: "We're at a turning point in the retail environment." He added that HDTV growth "progressed at a pace that surprised many in the industry, including us".
Data sourced from USA Today.com; additional content by WARC staff