SiriusXM reports increased Q3 profit and subscriber stability

SiriusXM reported a 7 percent increase in net income for the third quarter, reaching $317 million compared to $297 million in the previous year. While total revenue saw a slight decline to $2.15 billion, the company successfully stabilized its subscriber base, adding 5,000 net self-pay subscribers during the quarter after experiencing a loss of 40,000 in the same period last year.

CEO Jennifer Witz stated that the company is prioritizing subscriber retention and revenue over aggressive acquisition. The company ended September with approximately 33 million total subscribers. Monthly subscriber churn improved to 1.5 percent, and average monthly revenue per user remained steady at $15.18.

Other financial highlights include $456 million in advertising revenue and $549 million from Pandora and off-platform businesses. While Pandora’s monthly active audience declined by 6.6 percent, podcast advertising revenue grew by 20 percent. Based on these results, executives have raised the company’s full-year financial forecast for the second consecutive quarter.