SIRIUSXM Q2 BEATS EXPECTATIONS
SiriusXM added 483K net new self-pay subscribers in the second quarter of 2018 while posting a 6% revenue increase in revenue over 2017.
The company, which had a revenue of $1.4b in the quarter, had a net income total $292m, a rise from $202m in Q2 2017. The company beat subscriber and revenue expectations, and its stock, which has climbed 30% over the last year, was rising in early morning trading.
"SiriusXM's strong start to 2018 accelerated in the second quarter,” SiriusXM CEO Jim Meyer said in announcing the quarterly results. “Our 6% growth in revenue would have been 8% absent the change in generally accepted accounting principles that was effective Jan. 1.”
The company reported that it has $22m to repurchase approximately 3.6m and paid nearly $50m in dividends to stockholders. Cash on hand is approximately $64m and a completely undrawn revolver with capacity of $1.75 b.”
“This gives us ample liquidity to continue to invest in our business, make strategic investments and return capital to stockholders," noted David Frear, Chief Financial Officer, SiriusXM.
Is that balance sheet strong enough to prompt a merger with Live Nation? Stay tuned.
VMAs BEAMING BACK
TO THE BIG APPLE Getting back to where they once belonged (4/24a)
THE COUNT: ALL THE DESERT'S A STAGE
Jon Wayne is rolling over in his grave. (4/24a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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A CHORUS OF PRAISE: IVORS 2024 NOMS
