Sirius XM Radio Inc. (NASDAQ: SIRI) reported that its second quarter profit surged to $173.3 million, or 3 cents per share, from $15.3 million, or breakeven per share, in the year-earlier quarter. Revenue increased 6 percent to $744.4 million from $699.8 million. Analysts, on average, expected the company to report breakeven per-share on revenue of $749.9 million.
"Demand for satellite radio continues to grow, with gross (subscriber) additions reaching the highest level of any quarter since the merger of Sirius and XM," said CEO Mel Karmazin in a statement.
Sirius ended the quarter with about 21 million subscribers, up 8 percent from a year earlier.
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