XM Satellite Radio tried to regain the attention that had focused...
XM Satellite Radio tried to regain the attention that had focused on rival Sirius’ signing of Howard Stern, using the announcement Thurs. of 3rd-quarter results to remind Wall St. that it, not Sirius, was “the satellite radio leader in…
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subscribers, technology and content.” XM’s net loss fell to $118 million from $133.5 million, and revenue doubled to $65.4 million from $26.9 million. XM is “on pace” to reach its previously stated goal of 3.1 million subscribers by Dec. 31, CEO Hugh Panero told analysts. The company added 415,671 subscribers in the quarter, for a total of 2,516,023, up 167% from the end of the same 2003 quarter. Panero said XM still accounts for 80% of all subscribers in satellite radio, has the “most compelling” content and is “virtually alone” in its domination of the OEM business. Moreover, XM in the quarter captured 2 of every 3 new subscribers in the retail aftermarket, which Sirius is targeting, Panero said.