NEW YORK — Shares of Sirius XM Holdings Inc. fell Tuesday, after the satellite radio provider reported a drop in fourth-quarter net income and issued a lackluster guidance for the current year.
In midday trading, Sirius XM shares fell 7 cents, or 2 percent, to $3.65, after dropping as low as $3.60 earlier in the session.
For the fourth quarter, the New York-based company earned $134.6 million, or 3 cents per share, down 5.9 percent from $143 million, or 3 cents per share, in the year-ago period. The recent quarter's results are based on 5.2 million outstanding shares, while those of the prior-year quarter are based on 5.6 million.
The results met Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of 3 cents per share.
Revenue rose 9.6 percent to $1.2 billion from $1.1 billion, also meeting Street forecasts.
For the full year, Sirius XM earned $509.6 million, or 9 cents per share, up from $493.1 million, or 8 cents per share. Revenue increased to $4.57 billion from $4.18 billion.
For the current year, Sirius XM said it expects revenue of about $4.9 billion, while analysts polled by FactSet expect $4.93 billion.
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