Sirius XM shares dip after financial guidance cut

Sirius XM Holdings

31/10/2024 13:53

** Shares in Sirius XM  SIRI.O  down 2% after the satellite
radio trimmed FY revenue forecast due to expectations for slower
growth in paying users 
    ** SIRI reported Q3 loss/share of $8.74 vs profit of $0.82
in year-ago quarter as the company took a $3.36 bln non-cash
impairment charge, while rev fell by ~4% y/y to $2.17 bln
    ** Co also forecast FY revenue of about $8.68 billion vs
prev fcst of about $8.75 bln, kept its previous est for adj
EBITDA of ~$2.70 bln but cut its est for FY free cash flow to
~$1 bln from ~$1.20 bln
    ** SIRI last traded at $26.60 vs median PT of $28, as per
LSEG, which shows 14 analyst ratings: 3 'strong buy,' 2 'buy,' 3
'hold,' 5 'sell' and 1 'strong sell' rating
    ** YTD the stock is down ~52% vs ~19.5% gain for Dow Jones
U.S. consumer services index  .DJUSCY 








 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))