SiriusXM Q3 revenue down 4%
November 1, 2024
By Chris Forrester
US pay-radio operator SiriusXM has released its Q3 results, reporting revenue of $2.17 billion (€2bn), a 4 per cent decline on the same period a year ago.
However, the company has gone through a major restructuring associated with the acquisition of the SiriusXM by Liberty Media. This translated into a net loss of $2.96 billion.
The company explained: “Prior to the close of the transaction, Liberty completed an assessment of the fair value of the company’s goodwill based on a sustained lower share price, as SiriusXM’s share price converged with those of the Liberty tracking stocks heading into the closing. As a result, a non-cash impairment charge of approximately $3.36 billion was recorded. This non-cash charge does not impact the company’s cash flow, ongoing operations, or liquidity. Earnings per common diluted share were ($8.74) for the third quarter of 2024, compared to $0.82 in the third quarter of 2023.”
SiriusXM increased its subscriber base by a net 14,000 in Q3. Its total subscribers number 33 million. Its Pandora streaming business has 5.9 million users (down by 76,000).
SiriusXM expects its full year trading to achieve revenues of $8.67 billion, and free cashflow of about $1 billion.