Sirius XM reports Q3 revenue decline and adjusts annual outlook after impairment charge

Sirius XM Holdings Inc reported a 4% revenue decline in Q3 2024, totaling $2.17 billion, slightly below analyst expectations. Adjusted earnings per share were $1.17, exceeding the forecast of $0.78. Subscriber revenue fell to $1.65 billion from $1.73 billion last year. The company experienced a net loss of $2.96 billion due to a $3.36 billion impairment charge related to its Liberty Media transaction. Self-pay subscribers decreased by 314,000 year-over-year, totaling 31.5 million, while advertising revenue also declined. Sirius XM revised its annual revenue outlook to $8.675 billion, down from $8.75 billion. The company maintained its adjusted EBITDA forecast at $2.70 billion and expects free cash flow of $1 billion, reduced from $1.20 billion.