XM Posts Wider Q1 Losses
May 12, 2008 at 6:09 AM (PT)
XM SATELLITE RADIO HOLDINGS INC. reported a wider first-quarter loss on MONDAY as its marketing costs rose.
XM, which is waiting for the FCC to approve its proposed merger with SIRIUS SATELLITE RADIO INC., said its first-quarter net loss was $129 million, or 42 cents per share. That compared with $122 million, or 40 cents per share, a year earlier.
Revenue rose 17% to $308 million, which was lower than the average analyst forecast of $313 million, according to REUTERS ESTIMATES.
SIRIUS is expected to report results later TODAY. Its acquisition of XM has been cleared by antitrust officials at the Justice Department but still awaits the green light from the FCC.