SiriusXM rises on Q1 earnings beat, but warns of coronavirus impacts to come [TechCrunch Blog]
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Source: TechCrunch Blog
SiriusXM’sfirst quarter 2020 earningsdeclines in auto shipmentsThe company did manage to beat expectations in the quarter, reporting revenues of $1.95 billion,surpassingBut the earnings beat comes at a time when even SiriusXM isn’t sure of what the future holds for its business — it withdrew its full-year 2020 guidance, citing the still unknown potential impacts of the COVID-19 crisis.Already there were hints of how that future may look, however. The declines in shipments from automakers offering paid trials subscriptions with a vehicle purchase led the company’s satellite radio business to lost 143,000 net subscribers in the first quarter. This is despite the addition 69,000 self-paying subscribers, and saw SiriusXM ending the quarter with 34.8 million total subscribers.PandoraPandora ad revenue grew 4% year-over-year to reach $241 million in the quarter, which the company attributed to video programmatic and engagement-based video, its expansion of off-platform efforts, and the fees
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