Sirius XM revenue up on subscriber gains, net profit falls
Satellite radio provider Sirius XM Radio posted second-quarter revenue Thursday that beat estimates, as it added more than 700,000 subscribers.
Net income fell to $125.5 million, or 2 cents per share, in the second quarter, compared with $3.13 billion, or 49 cents per share, a year earlier. A year ago its net income was boosted by $3 billion income tax benefit.
The New York-based company which is controlled by John Malone's Liberty Media, said total revenue rose 12 percent to $940.1 million. Analysts were expecting revenue of $934.7 million, according to Thomson Reuters I/B/E/S.
Analysts had expected to report earnings excluding items of 2 cents a share on $935 million in revenue, according to a consensus estimate from Thomson Reuters.
Sirius XM shares traded higher in pre-market trading immediately after the announcement. (Click here to get the latest quote.)