Sirius XM Holdings, Inc. (NASDAQ:SIRI) to Cover the 2014 U.S. Open Golf
The United States Open Golf championship starts this week and everyone subscribed to the satellite radio service of Sirius XM Holdings, Inc. (OTCMKTS:SIRI) will get to listen in on the action. Late last week the company announced it will provide play-by-play coverage of the event.
The news was preceded by the announcement that SIRI will be diversifying its programming with religious content, delivered by popular pastor Joel Osteen.
Delivering relevant content to subscribers is important to the company and this is just what this move is about. There are few channels that hold universal appeal but if pastor Osteen has millions of podcast downloads, his radio audience could extend much further. The market reacted favorably, with SIRI inching a total of $0.05 higher over the last two sessions. Share volume over the past two trading days remained slightly below the last month’s average.
The company’s latest financial report covering Q1 of 2014 showed revenue growth on a year-over-year basis. Here is the brief rundown of the numbers:
- $1.3 billion in current assets
- $2.7 billion in current liabilities
- $997 million in Q1 revenue, up $100 million YoY
- $93 million in Q1 net income, down $30 million YoY
Among the factors that led to a smaller net income figure are a $47 million increase in ‘revenue share and royalties’, as well as a $20 million bump in ‘general and administrative’ expenses. SIRI is holding up well on the charts. The slide from nearly $3.9 per share to under $3.1 in late April seems to be reversing into a more stable recovery. The two previous times the stock price attempted to climb in May were followed by setbacks but it seems SIRI is swimming in calmer waters at the moment.
SIRI is currently half a percent down in early trading.