SiriusXM Beats Wall Street Expectations Amid Reported Talks of iHeartMedia Combination
SiriusXM reported first-quarter earnings that exceeded Wall Street expectations, with revenue of $2.09 billion and improved churn rates despite a slight decline in paid subscribers. The company highlighted strong podcast advertising growth and a new exclusive U.S. ad partnership with YouTube to expand its audio advertising reach. Amid the earnings release, SiriusXM confirmed it is in early-stage discussions to potentially combine with iHeartMedia, though the company emphasized its focus on long-term shareholder value.
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SiriusXM CEO Jennifer Witz Mike Coppola/Getty Images Share on Facebook Share on X Google Preferred Share to Flipboard Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Send an Email Print the Article Post a Comment SiriusXM reported 31.2 million paid subscribers in the first quarter, down 109,000 subscribers from the year-ago period, and about 33 million total subscribers, which also includes users on a free trial subscription. The total userbase was largely unchanged from a year ago. The satellite radio company said churn among its user base “remained a standout,” and “improving” to 1.5 percent, which is the lowest first-quarter level in SiriusXM history, according to the company.
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