XM Loss Shrinks

From the Associated Press

XM Satellite Radio Holdings reported a smaller second-quarter loss of $119.6 million (38 cents a share), compared with a loss of $175.7 million (57 cents) a year earlier. Sales rose to $318 million from $277.3 million.

XM added 322,000 new net subscribers in the second quarter for a total of nearly 9.7 million subscribers, up 17 percent. Average monthly churn, or the portion of the subscriber base that drops out every month, improved to 1.67 percent from 1.84 percent. XM also increased its conversion rate -- the percentage of people who become paying customers after receiving a free trial subscription -- from 53.4 percent to 52.7 percent.

The company's deal with Sirius Satellite Radio, which has not released its second-quarter results, still awaits approval by the Federal Communications Commission.

By Terri Rupar  |  July 22, 2008; 12:07 PM ET  | Category:  Earnings
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