SiriusXM lost 143,000 satellite radio subscribers in the first quarter, adding 69,000 self-pay customers but losing promotional subs. Pandora added net self-pay subscribers. Details:
Audio entertainment giant SiriusXM, the home of Howard Stern, on Tuesday said it added self-pay subscribers in its satellite radio and Pandora businesses for the first quarter, the first one affected by the coronavirus pandemic.
SiriusXM shares were up 4 percent before the market open. This earnings season is covering results for companies' first quarter of 2020, which include coronavirus pandemic fallout in the U.S. for March. Ad revenue at Pandora reached $241 million in the latest quarter, up 4 percent from the year-ago period and marking a first- quarter high.
SiriusXM said it expects the pandemic to "adversely affect our subscriber revenue due to the decline in sales of new and used vehicles, reduced drive time, increased churn and the inability of our vendors to fully staff call centers; cause a decline in advertising revenues in our Pandora and SiriusXM businesses as third parties pull back on advertising spending generally;" and "not significantly affect our programming and content expenses as we expect to continue to honor our...
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