By Owen Tucker-Smith
Sirius XM's profit rose in the fourth quarter as the media company shrunk its operating expenses and added new self-pay subscribers.
The N.Y.-based satellite radio and audio-streaming company posted net income of $287 million, or 83 cents a share, compared with $228 million, or 67 cents a share, a year prior. Analysts surveyed by FactSet expected earnings of 65 cents a share. The company's past per-share data was altered to reflect its reverse stock split, which took place when the company announced its spinoff from Liberty Media in September.
Sirius XM reported revenue of $2.19 billion, down from $2.29 billion a year ago. Analysts were looking for revenue of $2.17 billion. Ad revenue ticked down slightly during the quarter, while subscription revenue dropped 5%. The company also lowered its operating expenses to $1.68 billion from $1.83 billion a year ago.
Sirius XM said it added 149,000 self-pay subscribers during the quarter, up 18,000 from a year ago, but the total number of Sirius XM self-pay subscribers at the end of the year fell compared with a year earlier. The company's Pandora service had a drop in self-pay subscribers after the service raised prices on certain subscription plans.
Looking ahead, for 2025, the company is still forecasting total revenue of $8.5 billion.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 30, 2025 07:34 ET (12:34 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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