The company posted an 11% year-over-year revenue increase to $997.7 million from $897.4 million thanks to additional subscribers that remained with the service after a promotional period. This figure beat the estimate of $994.6 million from analysts polled by Thomson Reuters I/B/E/S.
Net income dropped to $93.9 million, or 2 cents a share, from $123.6 million, or 2 cents a share, in the same period one year earlier.
The company added 173,480 net self-pay subscribers in the quarter, which increased the total subscriber number to 25.8 million.
The stock was up 0.63% to $3.19 at 9:41 a.m. on Thursday.
Separately, TheStreet Ratings team rates SIRIUS XM HOLDINGS INC as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SIRIUS XM HOLDINGS INC (SIRI) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and premium valuation."