Subscriber growth soars for station
Sirius Satellite Radio shares gained ground on a tough Tuesday on Wall Street after the company posted strong second-quarter results.
Net loss narrowed to $134.1 million from $237.8 million a year earlier.
Revenue soared 51% from the year-ago quarter to $226.4 million, and subscriber growth of 561,493 during the quarter took the company past 7.1 million in total.
“Momentum for the pending merger with XM continues to build,” said topper Mel Karmazin. “Support from our customers, suppliers and other groups representing a diverse cross-section of Americans clearly demonstrates the public-interest benefits and enhanced competition that will come from the merger.”
A year-end close to the deal is expected, he added.
Advertising revenue was $9.2 million in the second quarter, and average monthly revenue per subscriber was $10.71.
The stock rose 1% to $3.01.