NEW YORK - Sirius XM Radio on Tuesday reported a stronger second-quarter profit amid higher revenue and lower loss on debt extinguishment.
The satellite radio company's profit of $173.3 million exceeded Wall Street expectations and compared with a profit of $15.3 million in the year-ago period. Revenue rose 6 percent to $744 million.
Sirius XM, the home of Howard Stern, said it added 452,147 net subscribers in the second quarter to end it with a total user base of slightly more than 21 million - an all-time high for the firm.
Based on its results, the company raised its full-year guidance, pushing its 2011 subscriber growth target up by 200,000 to 1.6 million. The firm had ended 2010 with about 20.2 million subscribers. "With the excellent subscriber performance recorded in the first half of 2011, we are now confident that we will exceed our previously announced 1.4 million net subscriber addition guidance for 2011," president and CEO Mel Karmazin said in a statement.
"Demand for satellite radio continues to grow, with gross additions reaching the highest level of any quarter since the merger of Sirius and XM," he also said. "We intend to drive future growth through innovations to our satellite and internet platforms, with the goal of better delivering our unparalleled content to our valued customers. We're also excited to launch a variety of additional new music and talk channels later this year."