SiriusXM Holdings Inc.’s (SIRI) shares were up 2.8% in morning trade on Wednesday after the company topped market expectations on revenues for the fourth quarter of 2018 while earnings came in line with estimates.
Total revenues grew 7% to $1.5 billion from the same period last year, helped by growth in all segments. The company reported a net income of $251 million or $0.06 per share in the quarter compared to a net loss of $37 million or $0.01 per share in the year-ago quarter.
During the quarter, SiriusXM added 414,000 net new self-pay subscribers. Total net subscriber additions were 346,000 in the fourth quarter, bringing the total number of SiriusXM subscribers at the end of 2018 to over 34 million.
In September, SiriusXM announced its decision to acquire Pandora Media in an all-stock transaction. On January 29, the acquisition was approved by Pandora’s shareholders and SiriusXM expects to close the deal shortly.
For full-year 2019, SiriusXM expects total revenue to be approx. $6.1 billion. Adjusted EBITDA is expected to be approx. $2.3 billion while free cash flow is expected to be approx. $1.6 billion. Self-pay net subscriber additions are expected to approach 1 million.
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