By Chelsey Dulaney
Sirius XM Holdings Inc. boosted its revenue and subscriber
guidance for the year on Tuesday after new subscriber additions at
the satellite radio company surged in the first three months of the
year.
For the year, Sirius is now expecting net subscriber additions
of 1.4 million, up from its previous guidance for 1.2 million
additions. It is now expecting revenue of $4.47 billion, up from
its February outlook of $4.4 billion.
During the quarter ended March 31, Sirius XM added a net 431,000
net new subscribers, up 61% from a year ago. It had 27.7 million
total subscribers at the end of the period, up from 25.8 million a
year ago. Monthly churn, or the rate at which subscribers left,
edged down to 1.8% from 1.9% a year ago.
Overall, the company posted a profit of $105.7 million, or 2
cents a share, up from $94 million, or 2 cents a share, a year
earlier.
Revenue grew 8.3% to $1.08 billion.
Analysts polled by Thomson Reuters expected per-share profit of
three cents and revenue of $1.09 billion.
Subscriber revenue grew 7.1% to $911.5 million.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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