Shares of Sirius XM (NASDAQ:SIRI) stock are rising on Tuesday after the company reported its earnings for the second quarter of fiscal year 2021. This comes after reported revenue of $2.16 billion was above analysts’ estimate of $2.06 billion. Additionally, the company’s diluted earnings per share (EPS) of 10 cents beat analysts’ expectation of 7 cents.
Moreover, here’s what else is worth mentioning from the most recent Sirius earnings report:
- Adjusted EPS doubled from EPS of 5 cents during Q2 2020.
- Revenue for the quarter comes 15.5% higher year-over-year (YoY) compared to $1.87 billion in Q2 2020.
- Operating income of $658 million rose 58.6% from the prior year’s figure of $415 million.
- The Sirius earnings report also includes a net income of $433 million.
- That’s 78.2% better, compared to $243 million in Q2 2020.
- Additionally, Sirius added 355,000 new subscribers during the period.
Jennifer Witz, chief executive officer of SiriusXM, had this to say about the SIRI stock earnings:
“SiriusXM added an impressive 355,000 net new self-pay subscribers in the quarter, putting us on track to add 1.1 million self-pay subscribers this year — our best since 2018 — and we are increasing all of our financial guidance. The quarter was bolstered by record self-pay churn of just 1.5%, and we achieved strong monetization in our advertising business, with an increase in ad revenue of 82% from the prior year period and 20% from the second quarter of 2019.”
The company also boosted its guidance for revenue and subscribers in the earnings release. This included revenue to be around $8.55 billion and subscribers to reach 1.1 million at the end of FY2021.
SIRI stock was up 5.3% as of Tuesday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Nick Clarkson is a web editor at InvestorPlace.
