Sirius XM Radio posts strong quarterly profit, stock slips

Sirius XM Radio posts high growth Q1 earnings, adds subscribers, stock still down

Moments ago from New York City, the subscription-based satellite radio company, Sirius XM Radio, published earnings for the first quarter of 2010.

The company reported strong profits of $760.6-million in the quarter, up 11-percent from the same period in 2009.

Income from operations in the period were $157.8-million, up 45-percent YoY.

Net income from operations was up significantly to $93-million, compared to only $43.7-million in Q1 2009.

Free cash flows also declined significantly to -$127-million, compared to -$3.6-million in the same period last year.

The company also added 344,765 new subscribers in the period, bringing its total subscriber count to just under 19-million global users. The net gain in subscribers compares to a significant loss in subscribers of just over 400,000 users in Q1 ’09.

Company CEO Mel Karmazin said today in a statement, “Continued positive subscriber growth, double-digit growth in revenue, and a sharp focus on costs resulted in the highest quarterly adjusted operating income in the company’s history,”

Despite the positive numbers today, the Sirius stock (NASDAQ:SIRI) is down by more than 3.20-percent to $1.19 per share with about an hour and fifteen minutes left in today’s trading day. The decline in the stock price is the result of traders executing sell positions on the stock likely because of increased volatility in subscriber numbers and the growth opportunities in this volatile economic time.


tag TAGS: ,
Short URL: http://business2press.com?p=6254
Recommended:
b2p Ensure that you follow us on Twitter and Like us on Facebook
Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to peggy@business2press.com
checkmark
We are perfectly committed to the highest ethical and professional codes of conduct and standards in the industry on a firm wide basis. Learn more about us, our contributors, and our governance
b2p
We encourage you to comment. Comments are moderated. Comments that are abusive, off-topic, have marginal substance, or include promotional content will be removed. We cannot facilitate requests to edit or remove comments, or explain moderation decisions
  • denisehubbard

    Goldman Sachs on the Silver Screen in Financial Film

    Movie about Wall Street Corruption Screens in Hollywood and Leaves Audience in Shock

    (Hollywood, CA) Yesterday regulators fined Goldman Sachs $450,000 for violating rules governing short sales in the wake of Lehman Brothers' collapse in 2008. Not surprisingly, Hollywood was telling the story to audiences months before the SEC took action.

    “Stock Shock-The Short Selling of the American Dream,” directed by Sandra Mohr, exposes the technique known as naked short selling, and explains the complicated concept to average investors using cartoons and quirky characters. In a short sale, a customer borrows a security from the brokerage, sells it in a bet the price will go down, and then buys it back later. Naked shorting involves selling short without arranging to borrow shares within the three-day settlement period. “I had no idea you could sell something you don't own,” says Judy Robb after seeing the movie.

    “Stock Shock” suggests market manipulation resulted in the collapse of the stock value of some of America’s largest public companies–including Lehman Brothers and Sirius XM. Sirius XM, often listed as one of the most shorted stocks in the market, is dissected in the movie. “Stock Shock” interviews individual investors who saw their stock price hit a high of $9.00/share and then plummet to a horrifying low of 5 cents in 2009. It is often implied that hedge funds and financial giants like Goldman Sachs played a role in the downturn of the stock and the market as a whole.

    Enraged investors and fans of the movie reportedly sent their DVDs to the SEC demanding protection. Some claim “Stock Shock” has spurred a grassroots movement helping convince the agency to address the issue of abusive naked short-selling.

    The film was featured at the “Los Angeles Women's International Film Festival” at the Laemmles Sunset 5 Theaters in Hollywood in March. It looks like someone in the audience may have worked for the Securities and Exchange Commission.

    The SEC and the regulatory arm of the New York Stock Exchange found that from December 2008 to January 2009, the firm accepted and cleared 385 naked short orders.

    A Goldman spokesman said the violations resulted from a processing error, and had no financial effect on clients. They must not have seen “Stock Shock.”

    Movie trailer and DVD is at http://www.stockshockmovie.com

  • Anonymous

    Goldman Sachs on the Silver Screen in Financial FilmnnMovie about Wall Street Corruption Screens in Hollywood and Leaves Audience in Shocknn(Hollywood, CA) Yesterday regulators fined Goldman Sachs $450,000 for violating rules governing short sales in the wake of Lehman Brothers’ collapse in 2008. Not surprisingly, Hollywood was telling the story to audiences months before the SEC took action.nn”Stock Shock-The Short Selling of the American Dream,” directed by Sandra Mohr, exposes the technique known as naked short selling, and explains the complicated concept to average investors using cartoons and quirky characters. In a short sale, a customer borrows a security from the brokerage, sells it in a bet the price will go down, and then buys it back later. Naked shorting involves selling short without arranging to borrow shares within the three-day settlement period. “I had no idea you could sell something you don’t own,” says Judy Robb after seeing the movie.nn”Stock Shock” suggests market manipulation resulted in the collapse of the stock value of some of Americau2019s largest public companies–including Lehman Brothers and Sirius XM. Sirius XM, often listed as one of the most shorted stocks in the market, is dissected in the movie. “Stock Shock” interviews individual investors who saw their stock price hit a high of $9.00/share and then plummet to a horrifying low of 5 cents in 2009. It is often implied that hedge funds and financial giants like Goldman Sachs played a role in the downturn of the stock and the market as a whole.nnEnraged investors and fans of the movie reportedly sent their DVDs to the SEC demanding protection. Some claim “Stock Shock” has spurred a grassroots movement helping convince the agency to address the issue of abusive naked short-selling. nnThe film was featured at the “Los Angeles Women’s International Film Festival” at the Laemmles Sunset 5 Theaters in Hollywood in March. It looks like someone in the audience may have worked for the Securities and Exchange Commission.nnThe SEC and the regulatory arm of the New York Stock Exchange found that from December 2008 to January 2009, the firm accepted and cleared 385 naked short orders.nnA Goldman spokesman said the violations resulted from a processing error, and had no financial effect on clients. They must not have seen “Stock Shock.”nnMovie trailer and DVD is at http://www.stockshockmovie.comnn

Business 2.0 Press publishes exclusive business tech news and analysis covering start-ups to large-caps from Bay & Wall streets since 2008 from a group of highly knowledgeable industry professionals that abide by the toughest industry codes of conduct and professional standards lightMore

lightAdd value by subscribing (RSS)

logo

StockFractions.com has the most stock ratios for public companies. Get the most comprehensive micro insight on public firms available on the web, all for free.
Stock Fractionsgo

title

Colon cancer is one of the leading causes of death. Irrespective of family history, everyone is exposed to the risk. About 90% of colon cancer cases begin from non-cancerous tumors, polyps, which could form in the large bowel. Screening with a colonoscopy will painlessly remove any polyps hence almost entirely reducing your risk of developing the horrible disease. The good news is that about 90% of colon cancer cases are preventable through a simple (yes, simple) colonoscopy.
Learn moreatom
Public service message from Business 2.0 Press