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Sirius XM Satellite Radio posted better than expected earnings Thursday and the company’s optimistic of the trend continuing, CEO Mel Karmanzin told CNBC.
Sirius [SIRI
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] broke even on adjusted earnings per share on revenue of $6.3 million.
The company was expected to post a 2 cents loss with revenue of $609 million, according to Thomson Reuters.
“I think it was a terrific quarter from my point of view,” said Karmazin. “We’re really very optimistic particularly with our churn improving."
Sirius Satellite radio gained subscribers for the first time in two quarters with the most new customers subscribing since Sirius merged with XM radio in July of 2008.
Karmazin said he expects more subscribers as the economy improves and the automobile industry recovers.
Despite his optimism though, Karmazin said he is still aware that growing competition looms.
With internet radio becoming more accessible through the growth of available wifi, Karmazin said there is still plenty of competition in his midst, including terrestrial radio, which he said is his biggest competitor.
But, he is still confident the company's business model of paying for advertisement-free radio programs trumps radio that generates revenue through advertising.
“Pay service works, and just like it works in television it will work in radio," said Karmazin. "So yes, we will have competition, our content is going to be and will continue to be the best there."
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