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XM Satellite Radio Adds to Subscriber Count

The company says it's on pace to have more than one million users later this year.
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Shares of

XM Satellite Radio

(XMSR)

were moving higher Tuesday after the company said it added more than 200,000 new subscribers in the second quarter.

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The satellite radio provider said it now has 692,253 users. The company closed the latest quarter with an addition of 209,178 new subscribers. In April the company said it had 483,075 subscribers after gaining more than 135,000 new users in the first quarter.

"XM's subscriber base continues to grow rapidly," the company said in a press release. "The popularity of the Delphi XM SKYFi Radio and the XM PCR combined with the strong rollout in new

General Motors

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vehicles provide a great foundation for growth as we head into the second half of 2003."

The company also said it's on pace to have more than one million subscribers later this year.

In recent

Nasdaq

trading, XM's stock was up 49 cents, or 4.5%, to $11.48.