CEO Jim Meyer said, “I can’t think of a more exciting time for all of us at SiriusXM. And I’m thrilled with the results we were able to deliver in the third quarter. I’m thrilled we attained our highest-ever quarter of revenue.” And with $1.47 billion in Q3, that’s 6% over Q3 of 2017. SiriusXM’s margin in the quarter hit 40% for the first time ever.
Advertising revenue for the quarter was $46.2 million, compared to $41.5 million in the third quarter of 2017.
SiriusXM added 300,000 net new self-pay subs in the third quarter and now has 28.5 million self-pay subs with total paid subs now at 33.7 million. The satellite radio service is now installed in 113 million vehicles, up 13% over last year. That’s 43% of all the cars in the country.
Meyer said SiriusXM is a business that is humming along and it throws off cash in a highly predictable way that investors love. “Car buyers love SiriusXM and dealers will be placing SiriusXM prominently in the dash for many years to come.”
Regarding the recent announcement to purchase Pandora, Meyer said with a user base of 70 million, and a $1 billion-plus advertising business, there are many things the two companies can do together, including cross promoting on the two platforms.
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