Satellite : $105m patent win boosts Tivo profit

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$105m patent win boosts Tivo profit

US digital video recorder company Tivo has posted a third-quarter profit, helped by a US$105m payment it received in a patent suit, despite a fall in revenue.

The California-based company earned US$100.6m, compared with a loss of US$8.2m in the same quarter last year.

Q3 revenue, which included U$105m from a patent suit against Dish Network, fell by almost 15% to US$64.5m. Subscription and technology revenue, excluding hardware sales, fell 11% to U$51.7m.

Tivo had 3.5 million subscriptions as of the end of October, a decline from the 3.6 million it reported in Q2 and the 4.1 million it had a year earlier.

The company's chief executive, Thomas Rogers, said the drop in subscribers was related to competition from satellite TV company the DirecTV Group.