Sirius XM reported a third quarter net loss of $4.88 billion, or $1.93 a share. A year earlier, prior to Sirius Satellite Radio's merger with XM, Sirius lost $119.6 million, or 8 cents. The current loss includes a $4.8 billion impairment charge related to the merger.

On a pro forma basis, assuming Sirius and XM were one company a year ago, the Q3 loss improved from $265.5 million, or 18 cents, to $217 million, or 9 cents. Pro forma revenue rose 16% to $613 million.

On a conference call with analysts, according to Reuters, CEO Mel Karmazin cited the economy as a major issue, especially as it relates to the auto industry, one of the company's main sources of new subscribers. "We think the environment sucks," he said. "It is not like we're doing something wrong. It is that, unfortunately, we do not have a whole lot of control over what cars are getting sold. We do our best."