Sirius XM Radio Quarterly Subs Rise
UPDATED: The satellite radio firm, controlled by John Malone's Liberty, said adjusted earnings rose, but higher expenses led to a lower profit on an unadjusted basis.
Sirius XM Radio on Tuesday reported improved adjusted second-quarter earnings as it continued to grow subscribers.
Sirius, the radio home of Howard Stern, added more than 475,000 net new subscribers in the latest quarter, ending it with a total of more than 26.3 million paid subscribers, a new company record. In comparison, Netflix as of the end of June had 36.2 million U.S. subscribers.
The company, controlled by John Malone's Liberty Media, posted adjusted earnings of $131 million, up 60 percent. Without the adjustments, though, earnings fell 4.4 percent on higher expenses. Revenue rose 10 percent from $940.1 million to $1.04 billion.
Sirius XM CEO Jim Meyer lauded the "extraordinary operating performance" in the latest period as the company raised its full-year 2014 financial guidance.
On an earnings conference call, Meyer was asked about the addition of The Today Show to Sirius. He said it adds to the company's great content and should help Sirius retain subscribers. The Today Show Radio channel launched about a month ago.