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SiriusXM Posts Record $940 Million Revenue in 2nd Quarter

The satellite radio company reports Q2 net income of $126 million

SiriusXM posted a $126 million profit on record revenue of $940 million in the second quarter, the company announced Thursday.

Revenue was up 12 percent from the prior-year period.

"SiriusXM's second quarter results reflect record performance on almost every vital metric," said Chief Executive Officer Jim Meyer.

Some of those metrics: The company added 716,000 subscribers in the quarter, bringing the total to 25.1 million. Self-pay subscribers reached a record 20.3 million.

Also read: IMAX Q2 Revenue Beats the Streets, But Net Income Misses Mark

The satellite radio business model was unprofitable just a few years ago. But SiriusXM ended Q2 with $652 million in cash and generated $379 million of free cash flow in the first half of the year, up 55 percent from the prior-year period.

The auto market is vital to SiriusXM's future growth. The satellite radio company cited strong auto sales of 16 million units in June, adding that there are now 54.5 million vehicles on the road enabled with the service.
Shares of SiriusXM briefly rose to $3.75 on Thursday, just shy of the 52-week high of $3.77. The company's shares are up 27.7 percent year-to-date and 77.4 percent in the last 12 months.