XM Satellite Radio Holdings announces greater 1Q net loss
XM Satellite Radio Holdings (XM) (NASDAQ: XMSR), one of two satellite radio services in the United States and Canada, announced a first-quarter net loss of $129.3 million, or 42 cents per share.
Photo: XM Satellite Radio Holdings announces greater 1Q net loss
The previous year the company lost about $122.4 million, or 40 cents per share, in the same quarter.
XM’s revenue increased by 17 percent, to $308.5 million, compared with the previous year.
In addition the company added more subscribers through its deals with auto manufacturers. That category provided XM with 355,000 new customers last quarter, but it lost 51,000 retail customers.
The first quarter was ended with 9.3 million subscribers.
XM is still awaiting regulatory approval for its merger with Sirius Satellite Radio Inc. On March 24, 2008, the United States Justice Department approved the merger of Sirius and XM. Approval from the Federal Communications Commission is still pending.
Photo: electronics.howstuffworks.com
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