Earnings: Sirius Q2 Revs Up 25 Percent; Loss Narrows; Subs Up 25 Percent
This story was written by Joseph Weisenthal.
For its last quarter as a standalone entity, satellite radio operator Sirius (NSDQ: SIRI) grew revenue 25 percent to $283 million, with subs increasing to 8.9 million, 25 percent more than a year ago. Adjusted net losses narrowed to $23.8 million from $79.3 million. SAC press gross add fell 27 percent to $78. ARPU ticked down slightly in the quarter to $10.49 to $10.71. The bottom line: Like XM (NSDQ: XMSR), Sirius had a decent quarter. But there's a ton of work left to be done to make the marriage a profitable and sustainable one. Meanwhile, in a signal that he has some skin in the game, so to speak, CEO Mel Karmazin recently picked up 2 million shares at the bargain basement price of $1.37. We'll catch the webcast for commentary about the freshly consummated deal.
Release | Webcast (8:00 AM ET)
By Joseph Weisenthal