Bitcoin sets a new all-time high above $6,000 >>> READ MORE

Sirius Hits 25M Subscribers, Raises Outlook

Most new cars come with satellite-ready radios installed


Sirius XM RadioRising auto sales are boosting subscriber numbers for Sirius XM Radio (SIRI).

On Tuesday, the satellite radio service provider said it added 715,000 new customers during the second quarter. The number of people paying for its service rose 15% over the prior year to 25 million subscribers, Reuters notes.

American Automakers – It’s Time to Get Bullish
American Automakers – It’s Time to Get Bullish

The increase in quarterly subscribers prompted the company to raise its outlook for new subscribers this year to 1.5 million, up 100,000 from prior estimates.

Many new cars feature radios equipped to receive satellite radio and most feature a trial period subscription. U.S. auto sales rose strongly in May.

Earlier this year, Liberty Media (NASDAQ:LMCAD) acquired control of Sirius XM Radio after the Federal Communications Commission (FCC) cleared the transfer of broadcasting licenses.

The news sent Sirius XM Radio shares up almost 2% in Tuesday morning trading.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC