SiriusXM Reports Mixed Q4 Results: Revenue Down 4.3%, Net Income Up 26% With 33M Subscribers
SiriusXM has reported its Q4 2024 financial results, showing mixed performance with declining revenue but improved net income. Here are the key highlights:
SiriusXM display in car dashboard
Q4 2024 Financial Results:
- Revenue: $2.19 billion (down 4.3% YoY)
- Net Income: $287 million (up 26% YoY)
- Satellite Radio Revenue: $1.62 billion (down 5.6% YoY)
- Subscription Revenue: $1.50 billion (down 5.4% YoY)
Pandora Performance:
- Total Revenue: $568 million (flat YoY)
- Advertising Revenue: $434 million (slight decrease)
- Subscription Revenue: $134 million (less than 1% decrease)
Subscriber Metrics:
- SiriusXM Self-pay Additions: 149,000 in Q4
- Total Subscribers: 33.23 million (including 1.58 million paid promotional)
- Pandora Lost 101,000 subscribers in Q4
- Pandora Total Subscribers: 5.77 million (down 279,000 YoY)
Full-Year 2024 Performance:
- Total Revenue: $8.70 billion (down 2.8% from 2023)
- Net Loss: $2.08 billion (primarily due to $3.36 billion Q3 impairment charge)
Looking ahead, CEO Jennifer Witz expressed optimism for 2025, citing strong usage growth in the updated SiriusXM app and podcast content. The company's stock (NASDAQ: SIRI) closed at $23.11, up 5.8% from opening.
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