Advanced Television

SiriusXM tops revenue expectations

April 29, 2022

By Chris Forrester

Us pay-radio operator SiriusXM has reported Q1 revenues of $2.19 billion (€2.07bn), ahead of analyst expectations of $2.15 billion and up 6.2 per cent year-on-year.

SiriusXM net income jumped to $309 million from $219 million a year-ago.

New North American vehicle penetration is at an all-time high, the company noted. Its hardware was incorporated into some 83 per cent of new vehicles sold in the US, up from about 81 per cent in the year-ago period. The enabled fleet grew to nearly 146 million vehicles, up 9 per cent year-on-year.

Revenue by segment, however, favoured its Pandora streaming radio business: SiriusXM, $1.7 billion (up 6 per cent); Pandora and other off-platform revenues, $336 million (up 8 per cent).

Free cash flow rose by 22 per cent to $258 million.

Its shares closed 4.8 per cent higher, with confidence helped by low churn.

Jennifer Witz. CEO, speaking to analysts, said: “We continue to retain subscribers with an excellent monthly churn rate of just 1.6 per cent and ARPU reached a record level in the first quarter, climbing 9 per cent year-on-year as pricing actions we took late last year continue to yield benefits.”

Categories: Articles, Business, Digital Radio, Results

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