Pandora Sees Slight Ad Revenue Growth as Sirius XM Prepares for Future Expansion
Portfolio Pulse from Anusuya Lahiri
Sirius XM Holdings Inc (NASDAQ: SIRI) reported a flat Q4 FY23 revenue of $2.287 billion, slightly missing consensus estimates. Adjusted EPS was $0.09, beating expectations. Subscriber revenue was flat at $1.72 billion, while advertising revenue remained steady at $479 million. The company saw a 1% decline in self-pay subscribers year-over-year, ending with 34 million. Pandora's ad revenue grew by 1% to $436 million, despite a decrease in monthly active users and listener hours. SiriusXM's FY24 revenue outlook is set at $8.75 billion, below consensus estimates, with an adjusted EBITDA of $2.70 billion and free cash flow of $1.20 billion. SIRI shares rose 2.56% in premarket trading.

February 01, 2024 | 2:30 pm
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Sirius XM reported flat Q4 FY23 revenue and a slight miss on consensus estimates, but adjusted EPS beat expectations. The company saw a 1% decline in self-pay subscribers but reported growth in Pandora's ad revenue. FY24 revenue outlook is below consensus estimates.
The mixed earnings report with a slight revenue miss but an EPS beat, combined with a cautious FY24 outlook, suggests a neutral short-term impact on SIRI's stock price. The premarket positive price action indicates investor optimism, but the cautious outlook could temper gains.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100