Sirius XM profit rises 20 percent as subscriber numbers grow

Markets Associated Press

Internet radio broadcaster Sirius XM said Thursday its profit rose 20 percent in the first three months of the year as it added more subscribers.

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Sirius XM also said it has bought Automatic Labs Inc., the maker of a device that plugs into a dashboard and can track road trips on an app, contact the authorities if it detects a crash or alert the driver to engine trouble. Sirius XM did not disclose the price.

Sirius XM added a net of 257,000 new subscribers in the quarter, for a total of about 31.6 million.

The New York-based company's net income rose to $207.1 million in the three months ending March 31, up from $172.4 million in the same quarter a year ago.

Its first-quarter earnings per share were 4 cents per share, matching Wall Street analysts' forecast, according to Zacks Investment Research.

Revenue rose 8 percent to $1.29 billion in the period, just missing the $1.3 billion that analysts expected, according to Zacks.

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Sirius XM expects full-year revenue of $5.3 billion, slightly below the $5.36 billion that analysts expect, according to FactSet.

Shares of Sirius XM Holdings Inc., which have risen about 13 percent since the beginning of the year, fell 11 cents, or 2 percent, early Thursday to $5.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SIRI at https://www.zacks.com/ap/SIRI

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Keywords: Sirius XM, Earnings Report