Sirius XM results strengthen
Sirius XM posted strong Q4 results thanks to additional subscribers and severe cost cutting. Quarterly earnings came in at $14.2 million, up from a loss of $245.8 million a year earlier. More than 257,000 net new customers were added leaving Sirius to close the year with 18.8 million subs, slightly less than the 2008 number.
CEO Mel Karmazin predicted that 500,000 net new subscribers would be added to Sirius roles in 2010 with revenues topping $2.7 billion. Revenues for 2009 came in at $683.8 million, up 6.2 per cent from the year earlier. Sirius posted a total loss for the full year of $441.33 million.