NEW YORK - XM Satellite Radio Holdings Inc on Monday posted better-than-expected net new subscriptions for the second quarter, lifting its total to about 9.7 million, and sending shares up more than 6 percent.
In a preliminary report, XM, which is in the process of being acquired by rival broadcaster Sirius Satellite Radio, said it added 322,000 new net customers, up 17 percent from one year ago.
The figure exceeded expectations of many Wall Street analysts, who in general saw additions of less than 275,000. Although Miller Tabak & Co analyst David Joyce had expected 360,000, he was impressed that other figures beat his forecast. In a note to clients, he noted that “... gross adds of 1.081 million beat our 897,000 estimate with better OEM (automotive) gross adds and better retail gross adds."
In a preliminary report, XM, which is in the process of being acquired by rival broadcaster Sirius Satellite Radio, said it added 322,000 new net customers, up 17 percent from one year ago.
The figure exceeded expectations of many Wall Street analysts, who in general saw additions of less than 275,000. Although Miller Tabak & Co analyst David Joyce had expected 360,000, he was impressed that other figures beat his forecast. In a note to clients, he noted that “... gross adds of 1.081 million beat our 897,000 estimate with better OEM (automotive) gross adds and better retail gross adds."
