This story was written by Joseph Weisenthal.
Following a weak earnings report from its fianc XM (NSDQ: XMSR), Sirius (NSDQ: SIRI) announced Q1 revs of $270.4 million 33 percent higher than $204 million in the year-ago quarter. Note that XM's growth rate was only 17 percent. And instead of reporting a growing loss, Sirius slimmed its loss to $104 million (.07 per share) from $144 million ($.10 per share). On an adjusted basis, losses were more than halved to $39 million from $83.9 million. By most metrics, Sirius continues to outperform, though like XM, the revenue number came in on the light end:
-- While XM's SAC grew in the quarter, Sirius narrowed its to $91 per gross add from $101.
-- Total subscribers grew 31 percent year over year to 8.6 million.
-- ARPU narrowed slightly to $10.09 from $10.10.
-- Churn did tick up to 2.7 percent to 2.3 percent,.
All in all, better than XM, but it would certainly be helpful if the two could stop competing with each other for customers.
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By Joseph Weisenthal