SiriusXM Holdings Inc. (SIRI) reported better-than-expected revenue and earnings for the third quarter of 2018. As of 12:05 pm ET, the stock is up 0.08%.
Total revenues increased 6% to $1.5 billion from the same period last year, driven by increases in subscribers and ARPU. Net income grew 24% to $343 million during the quarter versus the same period last year. The increase included a loss related to the Pandora investment. Diluted EPS rose to $0.07 per share from $0.06 last year.
During the third quarter, SiriusXM benefited from strength in subscriber additions and churn performance. The company added 298,000 net new self-pay subscribers in the quarter to end the period with approx. 28.5 million self-pay subscribers.
Self-pay monthly churn improved 12 basis points to 1.8% year-over-year. Total net additions were 198,000, leading to around 33.7 million SiriusXM subscribers at quarter-end.
In September, SiriusXM agreed to acquire Pandora Media for about $3.5 billion in an all-stock deal that is expected to close in the first quarter of 2019. The combined entity is expected to generate over $7 billion in pro forma revenue in 2018 along with growth opportunities over the long term.
SiriusXM raised its 2018 guidance for revenue, adjusted EBITDA and self-pay net subscriber additions. Revenues are now expected to be approx. $5.72 billion while adjusted EBITDA is expected to be approx. $2.2 billion. Self-pay net subscriber additions are expected to be approx. 1.27 million in 2018.
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