Sirius XM Profit Climbs
April 28 2016 - 9:21AM
Dow Jones News
By Joshua Jamerson
Sirius XM Holdings Inc. reported its profit climbed 62% in the
first quarter, with its revenue growing as the number of
subscribers increased, prompting the company to pump up its
estimates for subscriber additions for the year.
For 2016, Sirius XM raised its subscriber forecast, projecting
to add about 1.6 million subscribers compared with prior guidance
of 1.4 million. That would continue to set the company on track to
end the year with about 31 million subscribers.
Sirius XM recently said it added 465,000 net new subscribers in
the first quarter to reach 30.1 million total subscribers. The
number of self-paying subscribers -- those who don't get the
service as part of a promotion -- increased by 348,000 to 24.6
million.
Monthly churn, or the rate at which subscribers left, edged up
to 1.9% in the quarter ended March 31, from 1.8% a year ago.
Over all, Sirius XM's profit increased to $171.3 million from
$105.7 million. On a per-share basis, earnings rose by a penny to
three cents a share. Revenue grew 11% to $1.2 billion.
Analysts polled by Thomson Reuters had forecast three cents a
share in earnings on $1.18 billion in revenue.
During the quarter, the company spent $588 million to repurchase
159 million shares of its common stock.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 28, 2016 09:06 ET (13:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Sirius XM (NASDAQ:SIRI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sirius XM (NASDAQ:SIRI)
Historical Stock Chart
From Apr 2023 to Apr 2024
