SiriusXM swung to a $677 million net loss last quarter from a $243 million profit the year before on a one-time, noncash charge of $976 million at Pandora.
The anticipated hit was based on Pandora’s royalty cost structure.Quarterly revenue rose 6% to $2.19 billion, beating Wall Street expectations.
The shares were up 1.4% in early trading.New CEO Jennifer Witz, who replaced longtime chief executive Jim Meyer earlier this month, said SiriusXM, Pandora, Stitcher and SoundCloud now reach an audience of more than 150 million.
The fourth quarter was key as the company agreed with star host Howard Stern to extend his contract and also closed on the Stitcher purchase, planting a flag in podcasting.The company, controlled by John Malone’s Liberty
Read more on deadline.com
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