Sirius XM beats in Q2, helped by Pandora acquisition

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.

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