It’s been a busy end of summer for SiriusXM. Between the company’s restructuring with Liberty Media, the resulting reverse stock split, and announcing a new free, commercial-driven in-car tier to boost subscriber numbers, there will be a lot for CEO Jennifer Witz to discuss during the company’s Q3 2024 earnings call – which now has a date.
Ideally, the satellite broadcaster and streamer will be able to share treats, not tricks, for shareholders and analysts on Halloween, with an October 31, 8am Eastern conference call. Yet, the earnings release date comes on the heels of the reformed SiriusXM’s stock price sitting near a 52-week low – closing at $23.64 on October 2.
Analysts estimate the company’s earnings per share to shrink from the $0.90 seen in Q3 2023 to an average of $0.77.
SiriusXM last reported a decline in Q2 2024 revenue, down 3% year-over-year to $2.18 billion, with a modest rise in net income to $316 million. The SiriusXM segment saw a 5% drop in revenue to $1.6 billion, attributed to the loss of 100,000 self-pay subscribers due to vehicle-related churn. Paid promotional subscribers also declined by 73,000, bringing total subscribers to 33 million.
Pandora and Off-Platform segments performed better, with a 2% revenue increase to $538 million and an 18% rise in gross profit. CEO Jennifer Witz emphasized innovation and growth, highlighting new ventures like Free Access in vehicles and Podcasts+, an ad-free subscription service launching on Apple Podcasts.
The company is focused on expanding its offerings with new features and partnerships while managing subscriber churn.
By Cameron Coats
