February 9, 2012 / 12:37 PM / 7 years ago

Sirius revenue misses estimates

(Reuters) - Sirius XM Radio (SIRI.O) reported a quarterly profit in line with expectations, as net subscriber additions jumped 65 percent, but revenue came in slightly below Street estimates.

Mel Karmazin, Chief Executive Officer of Sirius XM Radio speaks at the Reuters Global Media Summit in New York, November 29, 2011. REUTERS/Mike Segar

Fourth-quarter net subscriber additions rose to 542,966.

The company, which has radios on the dashboards of 65 percent of new cars in the United States, reported a net income of $71 million, or 1 cent a share, compared with a net loss of $81 million, or 2 cents a share, a year ago.

The company, which competes with free Internet radio services such as Pandora Media Inc (P.N), reported revenue of $784 million, against estimates of $785.5 million, according to Thomson Reuters I/B/E/S.

Shares of the company fell 3 percent to $2.13 in premarket trading on Thursday. They closed at $2.19 Wednesday on the Nasdaq.

Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das

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