SiriusXM Reports Strong Q3 Subscriber Growth
Satellite radio giant SiriusXM Radio, controlled by John Malone's Liberty Media, on Thursday reported stronger-than-expected subscriber growth in its third quarter and raised its full-year subscriber guidance.
Quarterly net subscriber additions came in at 525,000, compared with 433,000 net new subs in the year-ago quarter, up 21 percent. Total paid subscribers reached 28.96 million at the end of September.
Quarterly earnings hit $167 million, up 22 percent compared with $136 million in the year-ago period. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $447 million, up 17 percent and marking "a quarterly record high," the company said.
Revenue increased 11 percent to $1.17 billion, a third-quarter record for the company.
SiriusXM now targets total net subscriber additions of approximately 2 million for the full year. It had previously predicted a 2015 gain of about 1.8 million subscribers, which was already up from 1.4 million and 1.2 million at the start of the year.
Said SiriusXM CEO Jim Meyer: "With subscribers at an all-time high of nearly 29 million and record adjusted EBITDA and adjusted EBITDA margin, our third quarter was one of the strongest performances in our company's history. We are confident of our continued success in the fourth quarter, and we are increasing our guidance for self-pay and total net subscriber additions, revenue, and adjusted EBITDA."
This article was originally published by The Hollywood Reporter.