XM radio narrows loss in 3rd quarter; shares jump
From the Associated Press
XM Satellite Radio Holdings Inc. reported a narrower third-quarter loss and said it was on track to turn a profit in the fourth quarter.
XM, which is locked in a fierce competition for listeners with Sirius Satellite Radio Inc., lost $85.5 million, or 32 cents a share, compared with a loss of $134 million, or 60 cents, a year earlier. The loss was well below the 46 cents a share that analysts polled by Thomson Financial had been expecting.
Revenue also beat analysts’ expectations, rising 57% to $240.4 million.
The news sent shares of Washington-based XM jumping $1.78 to $13.17.