SiriusXM Adds Over 600,000 Net Subscribers in the Second Quarter; Raises Subscriber and Revenue Guidance
Sirius XM Radio (NASDAQ: SIRI) today announced that it added 622,042 net subscribers in the second quarter of 2012, up 38% from 452,147 net subscribers added in the second quarter of 2011. The company has added over 1 million net subscribers in the first half of 2012. At June 30, 2012, the Company had over 22.9 million subscribers.
The company also increased its full year 2012 subscriber and revenue guidance. SiriusXM now expects its net new subscriber growth to approach 1.6 million and revenue to approach $3.4 billion in 2012. Adjusted EBITDA guidance of $875 million and free cash flow guidance of $700 million remain unchanged.
"SiriusXM continues to demonstrate robust growth and strong operating execution despite a challenging economy. Our second quarter subscriber gains mark a record quarter of net additions since the merger of SIRIUS and XM in July 2008," said Mel Karmazin, Chief Executive Officer, SiriusXM. "While we continue to be conservative in the face of a weak US economic outlook, customers continue to embrace our unparalleled programming lineup, allowing us to raise subscriber guidance for the second time this year," Karmazin added.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.