SiriusXM adds 23,000 self-pay subscribers in Q2 despite an 'uncertain economic environment.'
“While we are confident that we can deliver positive self pay subscriber growth, we no longer expect to attain our prior subscriber guidance due to challenges and uncertainty in new and used auto sales. However, with strong predictable subscriber driven revenue, we are able to reiterate all of our financial guidance,” Jennifer Witz, CEO of Sirius XM, told analysts during a morning call.
The company saw earnings fall to $292 million in the second quarter, compared to $433 million in the year-ago period when Sirius XM recorded a $140 million gain in satellite insurance recoveries. Advertising revenue in the Pandora and off-platform segment rose 5 percent to $403 million. Off-platform advertising, including the company’s podcast business, increased 50 percent year over year to $119 million in the second quarter of 2022. The company noted that Pandora saw a “modest” decrease in self-pay subscribers to end the quarter at 6.3 million.
Wells Fargo analyst Steven Cahall in a first reaction report noted: “Sirius lowered its 2022 SiriusXM self-pay net adds guide from around 500,000 to ‘positive’ versus our around 250,000 estimate and Street about 327,000 to better reflect a lack of new car inventory, which has resulted in a meaningful slowdown in new/used car sales with no clear evidence of a notable recovery over the near term.”
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