Sirius Loss Narrows By TSC Staff 11/8/2006 9:27 AM EST Updated from 7:14 a.m.
Sirius (SIRI) rose 4% early Wednesday after it became the second satellite radio player this week to narrow its third-quarter loss from year-ago levels.
The New York-based pay radio broadcaster lost $163 million, or 12 cents a share, for the quarter ended Sept. 30, compared with the year-ago loss of $180 million, or 14 cents a share.
Revenue rose to $167.1 million from $66.8 million a year earlier.
Analysts surveyed by Thomson Financial were looking for a loss of 14 cents on sales of $167.3 million.
Sirius added 205,900 net subscribers from its retail channel and 236,500 net subscribers from its automotive channel during third quarter, giving it a total of 441,000 net adds for the quarter.
Sirius ended the quarter with 5.1 million subscribers and said it expects to end the year with 6.3 million.
Average revenue per user inched ahead to $11.17 from $11.15 a year ago, and monthly churn, reflecting customer defections, rose to 2% from 1.8%.
Subscriber acquisition costs dropped to $114 from $149 a year earlier.
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