News for 'SIRI' - (Sirius Subscriber Numbers Miss Target)
Feb 28, 2007 (financialwire.net via COMTEX) -- February 28,
2007(FinancialWire)Sirius Satellite Radio (NASDAQ: SIRI) corrected its subscriber
acquisition results as its numbers fell short of Wall Street
estimates.The satellite radio company said that it now expects to have 8 million
customersbythe end of 2007, compared to 8.6 million that were
originally forecast.
Thecompanyalso said that the rate of subscribers who fail to renew
their services
was higher than expected at 2.4%.Revenue more than doubled for the
company to $193.4 million, while Sirius
postedanet financial loss of $245 million. Sirius has been weighed down
with high
subscriber acquisition costs and marketing expenses and suffers
problems
similartothose of rival XM (NASDAQ: XMSR), who the company hopes to
merge with.
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-0-Source: Comtex Wall Street News |
