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SiriusXM Quarterly Revenue Falls 4% on Lower Subscriber Revenue

SiriusXM quarterly revenue fell 4% after a 303,000 drop in subscribers drove a reduction in the company’s subscriber revenue.

Lower operating expenses from staff cuts and the reversal of Sirius’s streaming strategy partly offset the declines, and SiriusXM’s share price was trending downward, by about -3.4%, as of noon in New York. It was the first full quarter of company earnings since SiriusXM moved away from its effort to develop a streaming audience and doubled down on its core listener base in vehicles, and it comes amid increased economic uncertainty. “Our strong, recurring revenue-driven business positions us well in this period of heightened volatility,” Tom Barry, SiriusXM chief financial officer, said in a statement.

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