XM Rockets Past Subscriber Target
Satellite radio shop XM Satellite (XMSR Quote) saw a big jump in new subscribers for the first quarter.
The Washington, D.C., pay radio service added 320,000 net new subscribers for the quarter ended yesterday, exceeding the 260,000-addition target that some analysts had set. XM now counts 1.68 million users and says it is on track to reach its goal of 2.8 million subscribers by year-end.
XM shares, which closed up 41 cents at $28.34 Thursday, jumped an added $2 in after-hours trading. Meanwhile, rival Sirius (SIRI Quote) was unchanged in the postclose market after closing up 2% at $3.46.
XM recorded net subscriber additions of 430,580 during the fourth quarter, and analysts expected signups to drop more dramatically in the latest period from sparkling holiday-season levels. The company didn't provide any financial updates, but investors will be curious to see if the rapid first-quarter growth came at the expense of rising marketing and acquisition costs. ...
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