SiriusXM Holdings Inc.’s (NASDAQ: SIRI) shares were up 2% in morning trade on Tuesday after the company topped market expectations for the second quarter of 2019. Total revenues grew 38% to $1.98 billion from the same period last year, boosted by the acquisition of Pandora Media in February, beating the analysts’ projection of $1.94 billion.
The company reported a net income of 6 cents per share in the quarter compared to the street consensus of 5 cents per share.
During the quarter, SiriusXM added 290,000 net new self-pay
subscribers. to end with more than 29.3 million self-pay subscribers.
At Pandora, advertising revenue reached a second-quarter record of $306 million, growing 13% year-over-year.
Pandora added 64,000 net new self-pay subscribers to end with over 6.2 million self-pay subscribers. Total Pandora subscribers grew 16% to 7 million.
READ: Apple needs to clear many hurdles to push stock higher post Q3 earnings
Outlook
For the full year, the radio broadcasting company expects self-pay
net subscriber additions approaching 1 million and Pro forma revenue of about $7.8
billion. Adjusted EBITDA during this period is forecast to be approximately
$2.35 billion.
SIRI stock has gained 3% so far this year, while it has
declined 13% in the trailing 52 weeks.