Sirius XM Holdings Inc. (NASDAQ: SIRI) released its most recent quarterly earnings before the markets opened on Thursday. The online streamer said that it had $0.04 in earnings per share (EPS) and $1.35 billion in revenue. The second quarter of last year reportedly had $0.03 in EPS and revenue of $1.24 billion. Thomson Reuters even had consensus estimates that called for $0.04 in EPS and $1.32 billion in revenue.
Revenue growth this quarter was driven by a 5% increase in subscribers and a 3% increase in average revenue per user (ARPU) to $13.22, a record high.
During the quarter, the company added 466,000 net new self-pay subscribers to end with nearly 26.7 million self-pay subscribers. Total net additions in the quarter were 445,000, after giving effect to the decline of roughly 20,000 paid promotional subscribers. The company ended the quarter with about 32.0 million total subscribers.
In terms of guidance for the 2017 full year, the company expects to see self-pay net subscriber additions of roughly 1.4 million, revenue of $5.375 billion, and adjusted EBITDA of $2.05 billion. The consensus estimates call for $0.18 in EPS and $5.34 billion in revenue for the year.
Jim Meyer, CEO of Sirius, commented:
In the second quarter, SiriusXM continued its strong track record of execution, and demand for our premium content bundle pushed our listener base to an all-time high of more than 32 million paying subscribers. We are pleased to raise our full-year guidance for net self-pay subscriber additions, revenue, and adjusted EBITDA. We also made tremendous progress on strategic initiatives in the second quarter with the closing of our recapitalization of SiriusXM Canada, our acquisition of Automatic Labs, and our agreement to acquire a minority stake in Pandora Media.
Shares of Sirius were last seen trading up over 6% at $5.72 on Thursday, after earlier reaching a new 52-week high of $5.87. The consensus analyst price target is $5.24, and the 52-week low is $4.05.
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