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SiriusXM Loses 173,000 Subscribers in Second Quarter, Stock Sinks 6%
SiriusXM's subscriber decrease, though better than this quarter last year, contributed to an overall 3% decline in the company's quarterly revenues.
SiriusXM Holdings stock fell by more than 6% on Thursday after the satellite radio and streaming content company said it lost 173,000 subscribers in the quarter ending on June 30. On a call discussing the quarter’s earnings, executives sought to emphasize Sirius’ improved profit margin and lower operating expenses, despite signing big-ticket deals for podcast powerhouses like SmartLess Media earlier this year. “With these solid margins and declining capital expenditures, we anticipate converting more of this strong EBITDA into growing free cash flow in the coming years.”
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