Sirius Satellite Loss Narrows More than Expected
Sirius Satellite Radio said its first-quarter loss narrowed sharply from the same quarter a year ago and reiterated its guidance for revenue and subscribers for 2007.
Sirius, which in February announced a merger with rival XM Satellite Radio that is expected to be completed by the end of this year, said it lost $144.7 million, or 10 cents a share, compared with $458.5 million, or 33 cents a share, in the same quarter a year ago.
The bottom line results beat estimates of a loss of 11 cents a share.
Excluding stock-based compensations the company earned 8 cents a share in the first three months of the year.
Revenue rose 61% from the same quarter a year ago to $204 million, and the company added 556,490 subscribers in the first quarter, brining its total number of paid listeners to about 6.58 million. Analysts polled by Thomson Financial were expecting $212 million in revenues.
For 2007, Sirius says it still predicts revenue to approach $1 billion and subscribers to top $8 million.