News Brief
XM Adds Subscribers; Loses Money
Jul 23, 2002, 12:00 AM
XM Satellite Radio, which is including advertising revenue as part of its business model, announced that it ended Q2 with 136,718 subscribers and continued to show quarter-to-quarter subscriber growth, adding 60,476 subscribers. That’s a 79% increase over Q1 2002. For the three months ended June 30, 2002, XM reported consolidated revenue of $3.8 million, and a net loss of $79.3 million. For Q2 last year XM had no revenue, but lost only $36 million. This quarter's increased loss “reflects the Company's transition from building out its infrastructure to commercial operations, including sales and marketing activities.”
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