Home / Market News / Sirius XM’s stock slips after profit miss but revenue beat

Sirius XM’s stock slips after profit miss but revenue beat

Shares of Sirius XM Holdings Inc. fell 0.5% in premarket trading Thursday, after the satellite radio and streaming music company missed profit expectations, but beat on revenue and nudged up its full-year outlook. Net income fell to $241 million, or 5 cents a share, from $343 million, or 7 cents a share, in the year-ago period. The FactSet consensus for net EPS was 6 cents. Total revenue rose to $2.01 billion from $1.47 billion, above the FactSet consensus of $1.98 billion, as both subscriber and advertising revenue increased more than expected. Net subscriber additions for Sirius XM rose to 210,000 from 198,000 last year, but Pandora lost 655,000 net subscribers after gaining 779,000 a year ago. For 2019, the company raised its pro forma revenue guidance to about $7.85 billion from $7.8 billion and its free cash flow outlook to $1.625 billion from $1.6 billion. The stock has gained 3.4% over the past three months through Wednesday, while the S&P 500 has tacked on 2.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story