Sirius says 2013 revenue may miss expectations
Sirius XM adds more subscribers and expects more to come, but revenue forecast falls short
NEW YORK (AP) -- Sirius XM Radio issued a 2013 fiscal year revenue forecast Wednesday that fell short of market expectations.
The satellite radio company said that it ended 2012 with 23.9 million subscribers, which represents 2 million new subscribers added for 2012.
Sirius expects to add another 1.4 million subscribers in 2013, which would help boost annual revenue to more than $3.7 billion. The company said that strong programming and new products, such as OnDemand, have helped drive its growth.
Analysts polled by FactSet were expecting the company to report revenue of $3.81 billion.
Sirius, based in New York, provides radio programming in vehicles, online and through mobile applications to about 23.9 million subscribers.
The company, which Liberty Media Corp. is seeking to take over, said in December that one of its executives, James Meyer, will be interim CEO while it looks for a replacement for Mel Karmazin.
Sirius XM shares fell 2 cents to $3.12 in afternoon trading. The stock has traded between $1.78 and $3.16 in the past 52 weeks.
