WorldSpace Loss Narrows

WorldSpace's (WRSP Quote) losses narrowed amid top-line and subscriber gains in the second quarter.

The international satellite radio broadcaster posted a net loss of $22 million, or 95 cents, a share on $2.3 million in revenue for the period ended in June. Those numbers compare with a year-ago loss of $52 million, or $9.04 a share, on revenue of $1.9 million.

The Washington, D.C.-based pay radio shop came public last month at $21 a share and rose more than 20% in its first day of trading. But the stock has fallen since then: Shares closed up 72 cents, or 4%, at $18.54 Wednesday.

WorldSpace had $83 million in cash on hand at the end of the second quarter and raised $244 million more through the IPO, along with a $25 million investment from XM Satellite Radio (XMSR Quote).

XM and rival Sirius (SIRI Quote) serve the U.S. market. WorldSpace sells radio programming in India and plans to offer service in Western Europe and China.