Sirius XM Radio has posted its second consecutive quarterly profit and expects to continue to the trend. An increased subscription base helped the company thus far, and it expects improving car sales to further its cause.
Industry genius and CEO Mel Karmazin has said that the company has surpassed 19 million subscriptions and expects to deliver stronger numbers by year”s end. This represents a huge turnaround from last year, when the company was on the verge of bankruptcy. First quarter net-income for this year was $41.6 million, compared to the previous year’s first quarter loss of $238.8 million. Subscriptions are up 171,441, and they expect 500,000 more this year.
The company is also retaining more customers than last year, and converting trial subscriptions at higher rate; both signs of fiscal health.
-By: Stephen Calogera
Source: Automotive News