Third quarter earnings season is underway with SiriusXM the first audio company to report. For July, August and September the satellite company reported revenue of $2.2 billion, an increase of 9% over Q3 2020.
Net income was $343 million in the third quarter, compared to $272 million in Q3 2020.
The company added 616,000 in its third quarter, bring that total to 1.1 million for the year. CEO Jennifer Witz said, hitting that number means the company is now increasing their guidance. “By adding a record 616,000 net new SiriusXM self-pay subscribers in the third quarter, we attained our prior full-year guidance of approximately 1.1 million net additions in just nine months. We are increasing all of our financial guidance for 2021 and expect to add more than 1.1 million net new self-pay SiriusXM subscribers this year, making 2021 our best for self-pay subscriber growth since 2018. During the quarter, we saw continued low monthly churn and outstanding ARPU performance in the SiriusXM business, and we are also making important progress driving advertising growth at Pandora.”
Wirtz says the company continues to focus on improving its product and bringing in strong audio creators. “We recently launched new shows, podcasts, and channels across our platforms with marquee talent and brands, including Megyn Kelly, Seth Rogen, and TikTok, showcasing how SiriusXM works with creators to inspire conversations and moments that are appealing across generations and lifestyles.”
