Even with the recent merger of Sirius Satellite Radio, and XM Satellite Radio, into the newly named Sirius-XM Satellite Radio, the company reported a loss of almost $5 Billion in the third quarter.The company has been feeling the strain since before the merger that happened in July, from its stocks, which have been plummeting since April 2008. The stocks fell from $2.69 a share in May, to a closing $0.27 a share on November 10, 2008.
The company did have a positive reporting of subscribers at the end of the third quarter, at 18.92 million, up 17% from last year. Sales have also gone up from the merger with XM Satellite Radio. The company ended the third quarter with $359.6 million in revenue, which is also down from $438.8 million last year.
Ultimately, the company will be cutting back 22% of its workforce to help in the crisis, which will slash costs for the company to help repay its outstanding refinance of $620 million which will need to be repaid in February and May of next year. Trouble times are ahead for Sirius-XM unless they can turn the tables during the economic downfall.
I had XM until they screwd me over on a rebate and refused to honor it, I dropped them like a hot potato and even ignored all their pleas and discount offers to come back, then I switched to Sirius it's not much better.
Now they are offering a la carte and some of the XM channels on Sirius, they wont give me the price on how much extra it is, all they keep telling me is the new subscription price for everything, well I already prepaid for the year. they also didn't reply to my request for answer to this question, maybe nobody left to answer the e-mails now.
Ta Ta Toothy
Um, you do know we're in a recession now, right?
Commenting has either been disabled on this article or you are not logged in. Click here to login or register, its free!
Note: Anonymous commenting is disabled in order to keep the quality of responses to a high standard.