SiriusXM Reports 1Q Revenue Increased 8 Percent

Sirius‎XM Radio today reported improved first-quarter financials as it continued to grow its subscriber base.

The satellite radio giant, led by CEO Jim Meyer and controlled by John Malone's Liberty Media, added 431,000 net new subscribers in the period, up from 267,000 in the year-ago period. The company ended March with a total of 27.74 million subscribers.

Sirius posted quarterly earnings of $106 million, up 12 percent compared with the $94 million recorded in the year-ago period. Revenue rose 8 percent to $1.08 billion.

Jim Meyer

The company increased its full-year 2015 guidance for subscribers and revenue based on the results.

Said Meyer: "The year is off to a fantastic start at SiriusXM. We are increasing our subscriber guidance to approximately 1.4 million net additions and revenue guidance to approximately $4.47 billion after reporting our best first quarter for self-pay subscriber additions since 2008.

Mayer added, "Our results demonstrate that SiriusXM's bundle of live news and sports, exclusive talk and comedy, and curated, commercial-free music is resonating with more and more consumers every day."