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SiriusXM Reports Decline in Paid Subscribers Despite Revenue Growth, Leading Stock to Fall 7%
SiriusXM earnings show that revenue is up but paid subscribers are down. The stock fell 7% as a result, even as revenue beat analysts' expectations.
A dip in SiriusXM ‘s paid subscribers in the first quarter caused the satellite radio giant’s stock to fall by more than 7% on Tuesday (April 30), even as first-quarter revenue beat analysts’ expectations. Despite the rollout of a new and costlystreaming app with features SiriusXM says allow it to tailor content to subscribers, executives faced questions from analysts over what will charge future growth. The company is hopeful that the revamped app, which launched in December and costs $9.99 per month, will attract new subscribers and drive revenue growth.
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