Advertising revenue rose by 5 percent as the audio giant, led by CEO Jennifer Witz, reported its latest results.
Audio entertainment giant SiriusXM, the home of Howard Stern, said Thursday that it added 23,000 self-pay subscribers in its satellite radio unit in the first quarter, while paid promotional subscribers increased by 54,000.
Total subscribers stood at 34 million at the end of the latest financial quarter on June 30, with self-pay subscribers coming in at 32 million. Revenue in the second quarter rose 4 percent to $2.25 billion as Sirius XM pointed to headwinds from a potential recession threatening consumer spending. “We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we delivered strong financial performance and continued to make strategic investments in our business that will set us up for an exciting new era at SiriusXM,” Jennifer Witz, CEO of SiriusXM, said in a statement.
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, increasied 50 percent year over year to $119 million in the second quarter of 2022.Read More About:
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