Sirius XM Reports Widening Loss, Subscriber Drop

Total subscribers now stands at 18.4 million
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Sirius XM Radio reported more of a loss this second quarter compared to last year, and saw a subscriber drop compared to a year ago.

Pro forma revenue for the quarter was $607.8 million, up 1 percent from the $601 million reported for the same period in 2008. “Growing our revenue in the face of broad declines in the advertising and automotive markets is a remarkable accomplishment, and we are well positioned for a rebound in auto sales,” stated Sirius XM President/CEO Mel Karmazin.

Yet the company’s net loss grew to $157 million in Q2, compared to $83.9 million for this time last year. The second quarter of 2009 included $108 million in charges on extinguishment of debt and credit facilities and a $24 million writeoff.

And Sirius XM ended the second quarter with a bit more than 18.4 million total subscribers, a drop of about 1 percent from 18.5 million or so. The Q2 figure also represents a drop of 185,999 subscribers or 1% from the first quarter 2009. Three months ago, it reported a 2% decline in subscriptions compared to the quarter prior to that.

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