News - 30/07/2014

SiriusXM adds almost half a million new subscribers in Q2

SiriusXM adds almost half a million new subscribers in Q2


SiriusXM released its Q2 earnings this week and they’re looking pretty good with a net income of $120 million which equates to 2 cents per share.

The company added 475,000 new subscribers in Q2 which takes it to 26.3+ million paid subscribers.

The company also has a decent amount of cash and cash equivalents, $170 million. Considering that it would make sense for the company to start diversifying its business it will be interesting to see any of it will be earmarked for strategic acquisitions.

The CEO of the company Jim Meyer stated: "Our extraordinary operating performance supported the buyback of over 350 million shares in the quarter, or approximately 6% of our outstanding stock. Perhaps more importantly, we improved our superior content by adding even more channels and shows created with major brands and personalities, such as Joel Osteen, NBC's TODAY Show, and YouTube, and we expanded the range and depth of our commercial-free music programming with the introduction of three new channels in the categories of country, women's pop, and dance."
The outlook for the company is rosy, SiriusXM has to pay far less royalties to SoundExchange than its online cousin Pandora which makes for a much better balance sheet.

In spite of the big news, the company’s stock didn’t have a significant spike or dip after the announcement which means that existing investors are happy with the current trajectory but that results were not good enough for new players to jump on board purely on the strength of the earnings.

(Andrea Leonelli)

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