Why Sirius XM Shares Are Rising Today

Sirius XM Holdings Inc SIRI shares are trading higher by 6.70% at $6.37 after the company reported better-than-expected first-quarter sales results and reiterated guidance.

SiriusXM reported quarterly earnings of 8 cents per share which met the analyst consensus estimate. The company also reported quarterly sales of $2.19 billion which beat the analyst consensus estimate of $2.15 billion by 2%.

"SiriusXM delivered a record first-quarter churn rate of just 1.6%, and we drove a 9% increase in average revenue per user to a new all-time high.  Overall, the first quarter marked a great start to the year, even as SiriusXM's near-term subscriber growth remains limited by supply constraints in the automotive industry,’ said Jennifer Witz, Chief Executive Officer of SiriusXM.

“We are making substantial investments to grow our advertising platform through new podcast agreements and to grow SiriusXM digital with enhanced brand and performance marketing.  In the first quarter, we returned $1.3 billion to our stockholders through regular and special dividends and common stock repurchases.  We remain on track to attain our full-year subscriber and financial guidance,” Witz stated.

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SiriusXM transmits music, talk shows, sports and news via its two satellite radio networks, primarily to consumers in vehicles who pay a subscription fee.

According to data from Benzinga Pro, SiriusXM has a 52-week high of $7.29 and a 52-week low of $5.75.