TiVo parent company Xperi Holdings Inc. reported a 4.7% second-quarter revenue dip to $222.3 million, a shortfall driven, the company said, by expensive global pricing for silicon components and softness in one of its core TiVo businesses, supplying pay TV operators with video tech.
Xperi's pay TV revenue declined 9% to $54 million in the second quarter, a period in which the company purchased IPTV tech vendor MobiTV at a bankruptcy auction for $18.5 million.
Xperi CEO Jon Kirchner attributed the decline to he obvious: "Subscriber churn broadly consistent with industry trends," i.e. cord cutting.
TiVo started pivoting toward direct-to-consumer streaming even before it announced its $3 billion deal to be acquired by Xperi two years ago.
Without releasing any numerical details, Kirchner touted the expansion of footprint for the Android TV-powered TiVo Stream 4K platform, noting the addition of Target, Best Buy and QVC to a retail footprint that was previously limited to Walmart and Amazon.
But no further light was shed on Xperi's earlier declared intentions to move Stream 4K platform away from Google's OS, and transition into the smart TV OEM business.
More happily for Xperi, IP licensing revenue increased by 40% in the second quarter to $101.8 million, with TiVo renewing its patent deal with Google, among other constituents.
This week, following last week's Xperi earnings report, the company announced yet another IP renewal, this one with Panasonic.
