SiriusXM Revenues and Earnings Rise, Despite Plunging Auto Sales and Advertising

Sirius XM’s revenue and earnings rose more than expected in its first quarter, but the satellite-radio giant said it lost 143,000 net subscribers for the first quarter, while adding 69,000 self-paying ones.

Adjusted EBITDA in the first quarter totaled $639 million, up 13% from $567 million in the prior year period, resulting in an adjusted EBITDA margin of 32.7%, an improvement of approximately 220 basis points from the 2019 period. The improvement in adjusted EBITDA margin was driven primarily by revenue growth across the business and reductions in subscriber acquisition costs, general and administrative costs and customer service and billing costs.

Ad revenue at Pandora reached $241 million in the latest quarter, up 4 percent from the year-ago period and marking a first-quarter high.

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