Audio entertainment company SiriusXM reported fourth-quarter results that were largely in line with Wall Street expectations, with total revenue of about $2.3 billion and earnings per share of 9 cents.
The company also adding 348,000 self-paying subscribers in the period. On a conference call with analysts, CEO Jennifer Witz, said average revenue per user hit a record high in 2022, while churn (the percentage of subscribers canceling) set a record low.
She called that combination “a reflection of subscribers’ high satisfaction with the premium listening experience we continue to evolve and enhance.” Wall Street had expected revenue of $2.3 billion and earnings of 8 cents a share.
The company issued 2023 financial guidance, including revenue of $9 billion. That would be flat with 2022. Investors reacted negatively to the quarterly report and full-year outlook, sending shares in Sirius down almost 6% in early trading at around $5.50.
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