The stock gained 3.1% to close at $5.92 in Wednesday's trading.
Sirius reported fourth-quarter earnings per share of 6 cents, meeting analysts' expectations. EPS rose 100% from a year earlier, after Sirius reported year-earlier earnings of 3 cents. Net income was $251 million. Revenue was $1.5 billion, slightly beating Wall Street estimates of $1.48 billion.
The company also added 414,000 net new subscribers in the quarter, bringing the total to 34 million. The churn rate, or the rate at which subscribers unsubscribe, was 1.7%, the lowest churn rate since 2007.
"SiriusXM had a strong finish to 2018, a year that saw our ninth consecutive year of 1-million-plus net subscriber adds and our lowest full-year churn rate in the past decade," said Jim Meyer, the CEO. He added, "
Management confirmed guidance for 2019, saying revenue for the full year would come in at $6.1 billion on subscriber additions of 1 million. Adjusted EBITDA, or operating income, is expected to be $2.3 billion. Free cash flow is projected to come to $1.6 billion.
Shareholders also officially voted in favor of the acquisition of Pandora Media Inc. (P) .
"We were pleased that yesterday Pandora's stockholders voted in favor of our proposed merger, and expect to close the transaction shortly," Meyer said.
The stock has declined 3% in the past year.