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.
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