Sirius (SIRI) Narrows Losses, Meets Street Estimates

Sirius Satellite Radio (SIRI) did a little better than its proposed merger partner XM Satellite Radio this morning, turning in Q1 results roughly in line with Wall Street estimates. SIRI ended the quarter with 8.6 million subscribers, up 31% from last year and, just a few ticks behind the once much-larger XM Satellite Radio, which finished the quarter with 9.3 million.

Like XM, Sirius is paying a boatload for each new subscriber–$91 in Q1, a slight improvement over $101 in Q1 last year. Stay tuned for the conference call where we’ll listen for more colour on what’s holding up the merger at the FCC.

Revenue: $270.4 million, up 33% y/y vs average estimate of $272.3 million

Net Loss: $104 million vs loss of $144.7 million in Q1 2007

EPS: loss $0.07 per share vs $0.10 in 2007 and $0.07 Street estimate

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