Sirius XM Grows Earnings, Subscribers in Third Quarter
The satellite radio giant adds nearly 433,000 subscribers in the period and raises its full-year outlook
Sirius XM Radio on Tuesday reported improved third-quarter earnings as it continued to grow its subscriber base.
The satellite radio giant, led by CEO Jim Meyer, added 432,817 net new subscribers in the period to end September with a total of 26.7 million. In comparison, Netflix as of the end of September had 37.22 million U.S. subscribers.
Sirius, the radio home of Howard Stern, posted quarterly earnings of $136 million, more than twice the $63 million recorded in the year-ago period. Revenue at the company, which is controlled by John Malone's Liberty Media, rose 10 percent to a company record of $1.06 billion.
Said Meyer: "We are very pleased with the performance of Sirius XM in the third quarter, and we are entering the fourth quarter with tremendous momentum."
The company raised its full-year guidance for revenue, free cash flow and subscriber growth. It now targets around 1.5 million net subscriber additions for all of 2014.