Sirius Reaffirms Year-End Sub Target, Reports 2Q Losses
Today’s release of Sirius Satellite Radio‘s [SIRI] earnings for the second quarter included a prediction of one million subscribers by the end of the year. The re-affirmation of that forecast comes after the company had a record quarter of net additional subscribers, with 128,678 net adds during 2Q04 accounting for more than 25 percent of the company’s total subscriber as of June 30, at which time Sirius said it has 480,341 total subs.
For the second quarter, Sirius recognized total revenue of $13.2 million, compared with $2.1 million during the same period one year ago. However, the company reported a net loss during the second quarter of $136.8 million, up from a net loss of $111.9 million during the same period in 2003.