SiriusXM reported a revenue of $2.27 billion in the third quarter, which remained unchanged from the previous year. However, the Adjusted EBITDA increased by 4 percent to $747 million from $720 million. Additionally, the Free Cash Flow was $291 million.
In comparison to the year-ago period, the net income of the company rose significantly by 47 percent to $363 million (9 cents per diluted share) from $247 million (6 cents).
SiriusXM has reiterated its guidance for full-year 2023 revenue, adjusted EBITDA, and free cash flow. It expects approximately $9.0 billion in total revenue, roughly $2.75 billion in adjusted EBITDA, and about $1.15 billion in free cash flow.
“We are confident that the launch later this year of our new streaming products brand platform and enhanced marketing capabilities will us put on a path for continued improvements in subscriber acquisition and retention as move through next year,” SiriusXM CEO Jennifer Witz said.
“We have the content largely we believe we need to have to address these audiences. It’s just difficult for them today to discover and navigate and to some extent control the content in the product.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
