News

Oct 25, 2023

Sirius XM stock rises premarket on Q2 top and bottom line beat

Shares of Sirius XM Holdings Inc. SIRI, +0.40% rose 2% in premarket trades Tuesday after the satellite radio company reported second-quarter profit and revenue that topped Wall Street’s expectations.

Shares of Sirius XM Holdings Inc. SIRI, +0.40% rose 2% in premarket trades Tuesday after the satellite radio company reported second-quarter profit and revenue that topped Wall Street’s expectations. Net income was $310 million, or 8 cents a share, up from $292 million, or 7 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 7 cents. Revenue was $2.25 billion, flat with $2.253 billion in the same period last year, and above the FactSet consensus of $2.24 billion. Subscriber revenue grew to $1.725 billion, from $1.719 billion in the year-ago quarter. Advertising revenue was $445 million, down from $452 million in the same period last year. Self-pay subscribers decreased by 132,000 and paid promotional subscribers increased by 155,000, with total subscribers of 34.0 million as of June 30. Sirius XM reiterated its full-year revenue guidance of $9 billion and its adjusted EBITDA guidance of approximately $2.75 billion, but raised its full year free cash flow guidance to approximately $1.15 billion. The company’s stock has risen 34.9% in the last three months.

Shares of DraftKings Inc. rallied after the online sports-betting platform reported a surprise second-quarter profit and raised its full-year sales forecast.

James Rogers is a Financial Columnist for MarketWatch.