Satellite radio provider Sirius XM Radio Inc posted higher quarterly profit and revenue on Tuesday as it added more than 500,000 subscribers.In January, Liberty Media Corp became the majority owner of Sirius, and now holds more than 50 percent of the radio company's shares. The U.S. Federal Communications Commission gave it the green light to take control of satellite radio operator after a prolonged battle for control that led to the departure of its previous chief executive, Mel Karmazin, late last year.The company added 529,000 net subscribers in the fourth quarter, compared with 374,000 a year ago. Its churn, or rate of cancellations, improved to 1.8 percent from 2 percent in the third quarter. Its conversion rate, or the percent of promotional subscribers who become paying customers, was unchanged from a year ago at 44 percent.Net income rose to $156.2 million, or 2 cents per share, in the quarter, from $71.3 million, or 1 cent, a year earlier.
Sirius XM Radio Inc. broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Shares of SIRI fell by 0.79% or $-0.025/share to $3.14. In the past year, the shares have traded as low as $1.78 and as high as $3.25. On average, 65563400 shares of SIRI exchange hands on a given day and today's volume is recorded at 52469616.
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