NEW YORK — Sirius XM Holdings Inc. reported strong subscriber growth and second-quarter profit on Tuesday and raised its outlook for the year, prompting it to boost its full-year outlook.
The satellite radio company reported $102.8 million in profit, or 2 cents per share. Earnings, adjusted for non-recurring costs, were 3 cents per share.
The results met Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 3 cents per share.
The New York-based company's revenue rose 8 percent to $1.12 billion on subscriber growth of 46 percent.
Looking ahead, the company expects to add 1.8 million new subscribers this year, up from prior guidance of 1.4 million. Sirius XM expects full-year revenue of $4.5 billion, up from a prior outlook of $4.47 billion.
Sirius XM currently has 28.4 million paid subscribers.
Shares rose 8 cents, or 2.1 percent, to $3.92 in afternoon trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIRI at http://www.zacks.com/ap/SIRI
Keywords: Sirius XM, Earnings Report