Sirius XM reported its first-quarter results for 2016 and has increased its guidance for the year’s net subscriber growth based on the performance. Quarterly revenue rose 11% to a high of $1.2 billion. Net income for the period was $171 million, or 3 cents per share, compared with $106 million, or 2 cents per share, in the year-ago period.
The company saw 465,000 net new subscribers in the course of Q1, clocking in with a total of 30.1 million subscribers. Sirius XM said it now anticipates adding 1.6 million net new total subscribers in 2016. Its previous guidance was 1.4 million net new subs.
“SiriusXM’s results exceeded our expectations in the first quarter, and I’m especially pleased we were able to add 465,000 net new subscribers, leading to an 8% increase in subscribers over the prior year,” CEO Jim Meyer said. “We set first quarter records for revenue, adjusted EBITDA, and free cash flow, and we are on track to achieve all of our financial goals this year.”