Sirius XM Radio Grows Subs to 25.8 Million in First Quarter
Sirius XM Radio on Thursday reported improved first-quarter adjusted earnings amid continued subscriber growth.
The satellite radio company, controlled by John Malone's Liberty Media, added 266,799 subscribers on a net basis in the latest quarter, ending it with a total of 25.8 million paid subscribers, a new company record.
Sirius, led by CEO Jim Meyer, reported first-quarter adjusted earnings of $121 million, up 46 percent compared with $83 million in the year-ago period. Before adjusting for special items, earnings dropped from $123.4 million to $94.0 million.
Quarterly adjusted operating cash flow, the profitability metric that Sirius focuses on, jumped 28 percent to a record $335 million. Revenue increased 11 percent to $998 million.
Said Meyer: "Our business continues to perform well."
Sirius has predicted that it would add approximately 1.25 million net subscribers this year.