Sirius XM earnings for the first quarter of 2019 have SIRI stock falling hard on Wednesday.
Sirius XM (NASDAQ:SIRI) starts off the earnings report for the first quarter of the year with earnings per share of 3 cents. This is a drop from the company’s earnings per share of 6 cents from the same time in 2018. It was also a blow to SIRI stock by missing Wall Street’s earnings per share estimate of 5 cents for the quarter.
The Sirius XM earnings report for the first quarter of 2019 also includes net income of $162 million. That’s down from the company’s net income of $289 million reported in the first quarter of the previous year.
According to Sirius XM, there are a couple of factors behind the net income decline in the first quarter. It notes that one of these is the $76 million used to acquire Pandora. The company also points to a one-time benefit of $31 million in the first quarter of 2018 as being behind the lower net income in the same period of 2019.
Operating income reported in the Sirius XM earnings release for the first quarter of the year comes in at $333 million. This is worse off than the company’s operating income of $423 million reported in the same period of the year prior.
Sirius XM earnings for the first quarter of 2019 also have revenue coming in at $1.74 billion. This is an increase over the music streaming company’s revenue of $1.38 billion from the same time last year. Unfortunately for SIRI stock, this still has it coming in below analysts’ revenue estimate of $1.77 billion for the period.
SIRI stock was down 6% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.