Sirius XM Profit Jumps 85 Percent
Sirius XM Tuesday posted a profit of $78.1 million, an 85 percent jump over the same time a year ago. The news, brought on in part by a 118 percent jump in subscribers, sent the company's stock to a 52-week high.
The strong result came despite some weakness brought about by the earthquake in Japan.
"Consumers are buying cars again and demand for our product is strong," CEO Mel Karmazin said as part of the announcement. "Were it not for the (manufacturing) supply chain uncertainty resulting from the tragedy in Japan, we would be in a position to raise our subscriber guidance today."