posted a narrower loss Wednesday as the satellite radio outfit added 541,140 subscribers in the first quarter.
The Washington, D.C., pay radio shop posted a quarterly loss of $120 million, or 58 cents a share, compared with a year-ago loss of $170 million, or 96 cents a share. Revenue rose to $103 million from $43 million a year earlier. The results handily beat the Thomson First Call Wall Street analyst estimate, which called for a 70-cent loss on revenue of $101 million.
The company said latest-quarter subscriber adds represent a 68% increase from the year-ago gain, bringing its quarter-end total to 3,770,264 subscribers. The company said it remains on track to hit its year-end goal of 5.5 million users.
XM said subscriber growth was particularly strong in the retail aftermarket, which accounted for almost 60% of total net subscriber additions. These strong aftermarket results were driven by heavy demand for Roady2, SKYFi2 and the new MyFi portable, wearable radio, the company said.
XM closed Tuesday at $27.60.