Sirius Satellite Radio Narrows 3Q Loss
October 30, 2007 at 5:42 AM (PT)
SIRIUS SATELLITE RADIO reported a narrower third-quarter loss TUESDAY and recorded a 50% increase in new subscribers ahead of its planned combination with larger rival XM SATELLITE RADIO. NEW YORK-based SIRIUS reported a loss of $120.1 million, or 8 cents per share, for the three months ended SEPT. 30th compared with a loss of $162.9 million, or 12 cents per share, in the year-ago period.
Revenues rose 45% to $241.8 million from $167.1 million last year, but fell short of WALL STREET's expectations of $244.3 million.
SIRIUS added 524,938 net subscribers to finish the quarter with 7.7 million, or 50% more than a year ago. XM is larger with 8.6 million subscribers, but it has been growing more slowly than SIRIUS.
SIRIUS said it expects to finish the year with more than 8 million subscribers.