Sirius XM Reports Steady Growth In Advertising Revenue, Subscriber Numbers Dip
Portfolio Pulse from Anusuya Lahiri
Sirius XM Holdings Inc (NASDAQ: SIRI) reported a slight revenue growth in Q1 2024, with a 1% increase year-on-year to $2.16 billion, surpassing consensus estimates. Despite a dip in subscriber numbers, advertising revenue saw significant growth. The company's adjusted EPS met expectations, and it reiterated its FY24 outlook, maintaining revenue and adjusted EBITDA forecasts. Sirius XM's stock has seen a decline over the past year, with a notable 5.3% drop recently. The company is also featured in the Procure Space ETF (NASDAQ: UFO) and Exchange Traded Concepts Trust MUSQ Global Music Industry ETF (NYSE: MUSQ).
April 30, 2024 | 2:30 pm
News sentiment analysis
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NEGATIVE IMPACT
Sirius XM reported a 1% revenue growth in Q1 2024, with advertising revenue up 7.2% Y/Y. Subscriber numbers fell, and the stock price dropped 5.3% recently.
The decline in subscriber numbers and the recent drop in stock price indicate potential short-term negative impact on SIRI's stock. However, the growth in advertising revenue and meeting EPS expectations could mitigate some negative perceptions.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Sirius XM's performance is relevant for investors in the MUSQ Global Music Industry ETF, as it is part of the ETF's holdings.
MUSQ, being focused on the music industry, includes Sirius XM in its holdings. The company's performance could influence the ETF's value, though the effect might be diluted due to the ETF's diversified portfolio.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
Sirius XM is featured in the Procure Space ETF (UFO), which may be indirectly impacted by Sirius XM's financial performance.
Given UFO's diversified nature, the direct impact of Sirius XM's performance on the ETF is likely to be limited, but it's important for investors holding UFO for exposure to Sirius XM.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50