XM Posts Smaller Q2 Loss
July 22, 2008 at 5:36 AM (PT)
XM SATELLITE RADIO has announced earnings for the three-month period ended JUNE 30, 2008. Revenue for the second quarter 2008 rose to $318 million, a nearly 15% increase over second quarter 2007 revenue of $277 million.
XM ended second quarter 2008 with 9.65 million subscribers, a 17% increase, compared to 8.25 million subscribers at the end of second quarter 2007. This growth was driven, in part, by a 39% year-over-year increase in the number of gross additions through the automotive (OEM) channel. Second quarter 2008 OEM gross additions were 857 thousand, the company's fifth consecutive quarter of record OEM gross additions. This compared to 618 thousand OEM gross additions in second quarter 2007.
Second quarter 2008 adjusted operating loss narrowed to $37 million, compared to a loss of $47 million in second quarter 2007. XM's second quarter 2008 net loss improved to $120 million, compared to a second quarter 2007 net loss of $176 million.
XM announced its preliminary results for second quarter 2008 yesterday in connection with an offering of senior notes associated with XM's pending merger with SIRIUS.