Sirius XM shares soar after revenue beat
Sirius XM Holdings Inc. hares rose 3% in premarket trade Wednesday, after the company posted stronger-than-expected revenue for the fourth quarter. The radio company said it had net income of $251 million, or 6 cents a share, in the quarter, after a loss of $37 million, or 1 cent a share, in the year-earlier period. The FactSet consensus was for EPS of 1 cent. Revenue rose to $1.496 billion from $1.404 billion, ahead of the FactSet consensus of $1.482 billion. The company, which has signed an agreement to acquire Internet radio provider Pandora Media in all-stock deal, said it expects 2019 revenue of about $6.1 billion, not including Pandora, matching the FactSet consensus. Shares have fallen 3.5% in the last 12 months, while the S&P 500 has fallen 6.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.