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XM posts Q1 net loss

Biz Brief

XM Satellite Radio reported a net loss of $170.1 million in the first quarter, up 14% from the previous year excluding a one-time cash charge.

Company attributed the widened loss to the costs of its addition of 321,675 net subscribers in the quarter, bringing its total to 1,681,903. Revenues also grew as a result, more than doubling from the same quarter a year ago to $43 million.

XM retained its substantial lead in the sat radio market over competitor Sirius during the quarter, claiming 83% of all satellite radio subscribers.

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