Sirius XM Shares Rise After Revenue Beat
Sirius XM shares climbed 3% Thursday after the company beat first-quarter revenue expectations. The company reported net income of $171 million, or 3 cents per share, up from $106 million, or 2 cents per share, in the year-earlier period. The FactSet consensus was for earnings per share of 3 cents. Revenue was $1.20 billion, above $1.08 billion in the year-earlier period, and above the FactSet consensus of $1.18 billion. The company added 465,000 new net subscribers in the quarter and increased its expected number of new subscribers for 2016 to 1.6 million from 1.4 million. The company expects 2016 revenue of $4.9 billion, in line with the FactSet consensus of $4.9 billion.
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