Summary by Moomoo AI
Sirius XM Holdings reported Q2 2024 total revenue of $2.18 billion, down 3% year-over-year, while net income increased 2% to $316 million. The decline in revenue was primarily driven by a 5% decrease in Sirius XM subscriber revenue to $1.52 billion, partially offset by stable Pandora and Off-platform revenue of $538 million. Adjusted EBITDA remained flat at $702 million.The company's subscriber base continued to face pressure, with Sirius XM self-pay subscribers declining by 100,000 in Q2 and total subscribers decreasing by 173,000 to 33.3 million. Pandora's monthly active users fell 5% year-over-year to 45.1 million, while its subscriber count dropped 5% to 6.0 million. Operating expenses decreased 6% to $1.67 billion, helped by lower general and administrative costs.Free cash flow improved 6% to $343 million despite lower revenue, driven by reduced cash taxes and operating costs. The company maintained its quarterly dividend of $0.0266 per share and expects to complete its merger with Liberty Media in September 2024, which will result in the companies operating independently after the transaction closes.
