Sirius XM Holdings Inc. (SIRI) saw its stock surge 5.45% in pre-market trading on Thursday, following the release of its impressive fourth-quarter 2024 financial results. The satellite radio and audio streaming giant outperformed market expectations, driven by strong revenue growth and improved profitability.
For the quarter ended December 31, 2024, Sirius XM reported revenue of $2.19 billion, surpassing analysts' consensus estimate of $2.17 billion. The company's earnings per share (EPS) also came in at a robust $0.83, significantly higher than the anticipated $0.65 per share.
The solid performance can be attributed to Sirius XM's continued subscriber growth and cost-cutting efforts. The company added 149,000 self-pay subscribers during the quarter, further solidifying its position in the audio entertainment market. Additionally, Sirius XM managed to reduce its operating expenses, contributing to the bottom-line beat.
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