NEW YORK (CelebrityAccess) — On Thursday, satellite broadcaster/streamer SiriusXM announced the financial results for the second fiscal quarter of 2024.
According to the company’s financial filings, revenue for the period came in at $2.18 billion, down 3% from the same period last year.
Net income rose slightly from $310 million in in Q2, 2023 to $316 million in the second quarter of 2024 while Net income per diluted common share remained level at $0.08.
EBITDA improved during Q2 2024 to $702 million, up by 8% from Q1 and flat year-over-year. According to the company, the stability resulted from lower subscriber revenue and higher sales and marketing costs, offset by reduced costs
of services, personnel-related expenses, and general and administrative expenses.
During the quarter, SiriusXM’s self-pay subscribers decreased by approximately 100,000, an improvement over the previous year’s Q2 due to lower voluntary churn and higher automaker volumes, which were partially offset by higher vehicle-related churn and lower vehicle conversion rates and streaming net additions. Selfpay subscriber churn remained steady at 1.5%, consistent with the same period in 2023. Paid promotional subscribers declined by approximately 73,000 during the 2024 quarter, which the company primarily attributed to a shift towards unpaid trial subscriptions by some automakers.
According to SiriusXM, the company still has a total subscriber base of 33 million, a 2% increase from the previous year’s Q2. Advertising revenue remained steady at $400 million compared to the second quarter of 2023, and increased 10% compared to the first quarter of 2024.
However, subscribers declined by 41,000 during the second quarter of 2024 to end the period at 6.0 million, the company said.
