Sirius Misses View; Shares Down 18% – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19941/Sirius+Misses+View%3B+Shares+Down+18%25+-+Zacks+Tale+of+the+TapePosted on Thursday, May 7th, 2009 | In Market Commentary, Stocks to Watch
Sirius XM Radio Inc. (SIRI) today announced a first-quarter loss of 7 cents per share, which was wider than the consensus estimate for a 3-cents loss.
Revenues for the provider of satellite radio service rose 5% to $605.5 million.
Meanwhile, the company boosted its full-year adjusted income guidance to more than $350 million, compared to earlier guidance of $300 million.
Analysts expect a loss of 12 cents per share for this year, but that has narrowed by 2 cents over the past 2 months.
Sirius XM, created by the merger of Sirius Satellite Radio and XM Satellite Radio, received a loan of $530 million earlier this year from Liberty Media Corp. to avoid a possible bankruptcy filing.
SIRI, a Zacks #3 Rank (”Hold”) stock, has slipped more than 18% today on higher-than-usual volume of approximately 109 million, compared to average volume of about 64.7 million.
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