SiriusXM Holdings Inc.’s (NASDAQ: SIRI) shares were up 2% in morning trade on Tuesday after the company topped market expectations for the second quarter of 2019. Total revenues grew 38% to $1.98 billion from the same period last year, boosted by the acquisition of Pandora Media in February, beating the analysts’ projection of $1.94 billion.
The company reported a net income of 6 cents per share in the quarter compared to the street consensus of 5 cents per share.
During the quarter, SiriusXM added 290,000 net new self-pay subscribers. to end with more than 29.3 million self-pay subscribers.
At Pandora, advertising revenue reached a second-quarter record of $306 million, growing 13% year-over-year.
Pandora added 64,000 net new self-pay subscribers to end with over 6.2 million self-pay subscribers. Total Pandora subscribers grew 16% to 7 million.
For the full year, the radio broadcasting company expects self-pay net subscriber additions approaching 1 million and Pro forma revenue of about $7.8 billion. Adjusted EBITDA during this period is forecast to be approximately $2.35 billion.
SIRI stock has gained 3% so far this year, while it has declined 13% in the trailing 52 weeks.
Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a
PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the
With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,