Sirius Announces Quarterly Results: Subscriber Gains – Big Losses
Sirius Satellite Radio showed strong revenue and subscriber gains during the recent third quarter, but suffered big losses. Year-over-year revenues jumped 150 percent to reach $167.1 million. Sirius reported a tally of 5,119,308 subscribers, a jump of nearly three million compared to a year ago.
Meanwhile, rival XM Satellite Radio recently reached a subscriber level of 7,185,873, though Sirius is steadily narrowing the gap. During the period, Sirius achieved a net subscriber gain of 441,101, a 23 percent increase over comparable, year-ago figures. Even with revenues and subscribers in the positive, Sirius still remains the underdog.
Sirius has severe quarterly net losses at $162.9 million, though the company narrowed its losses by 9.7 percent for a year-ago. During the quarter, Sirius introduced a number of new initiatives and channels, including an internet-based offering that features 75 channels.
The company also unveiled the very hyped < href="http://futuremusic.com/?p=322">Stiletto 100, its first true portable that includes WiFi receptivity, 2GB of on-deck storage, and an ecommerce tie-in with Yahoo Music.