iHeartRadio makes Sirius XM Radio Inc (NASDAQ:SIRI) miss a beat
Sirius XM Radio Inc (NASDAQ:SIRI), the one and only satellite-provider in the country, is always on a high note. Though, its price dipped yesterday by .13%, last week it climbed 3.3%. The share price movement is not the only notable thing happening with the company. SIRI announced its Q2 results which were received very well. Eventually, NASDAQ released its mid-July short interest and the skeptics-clan is finally shrinking.
This last quarter was also a very strong one for SIRI XM. There was a 12% rise in revenue to $940.1M which got a boost with a 9% addition to subscribers. The average analyst projection had been $934.4 million. The EPS was on par with the analyst estimate of $0.02/share. It was a known fact that the company will have a good report for the quarter as far as subscriber acquisition is concerned. SIRI had announced this a fortnight ago. At that time, it had hiked its 2013 subscriber target to 1.5M and last week it raised its adjusted EBITDA target. However, there has been no change in the revenue projection for the year. Late last week, SIRI shares had touched a 5-year high of $3.81
When radio waves threaten
In the wake of this news, is the iHeartRadio news. This Clear Channel app has managed to carve a successful niche for itself over the last few years. By the looks of it, iHeartRadio has the potential to metamorphose into a mammoth. Clear Channel has announced that this popular smartphone application that offers streaming access to literally hundreds of AM and FM radio stations is all set to beef-up its talk content.
Its going whole-hog and will be streaming access to radio-talk icons and launching a platform that will empower individual podcast products. Somehow iHeartRadio seems to be tuning-into the market pulse and this is one threat that SIRI can’t afford to turn a deaf ear to.