Washington, D.C.-based XM Satellite Radio [XMSR] topped Wall Street forecasts by boosting its subscriber total to more than 1.68 million at the end of the first quarter. XM netted more than 320,000 subscribers during this three-month period to achieve a 230-percent increase, compared with first- quarter 2003 when it enticed 135,916 new subscribers.

Consensus Wall Street forecasts called for roughly 260,000 net new subscribers at XM during first- quarter 2004. XM CEO and President Hugh Panero attributed part of the unexpected surge to his company’s Feb. 2 launch of 100-percent commercial-free music. XM previously carried advertisements on half of its 68 music channels.

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