Sirius XM delivers Q2 top and bottom line beat, but subscriber growth remains elusive
Cindy Ord
Sirius XM (NASDAQ:SIRI) stock on Tuesday was lower in late afternoon trade, as investors digested the broadcasting and radio company's latest quarterly results.
SIRI shares had jumped as much as 10.8% to $5.65 shortly after opening. But they soon gave up those gains and have traded largely in negative territory since. As of 1533 ET, they were down 2.3% to $4.99. 
SIRI earlier posted Q2 earnings per share of $0.08 which beat estimates by 1 cent. Revenue came in flat at $2.25B, beating consensus by $10M.
The company also increased its FY 2023 free cash flow outlook to approximately $1.15B from about $1.1B. Additionally, SIRI reiterated its FY revenue guidance of around $9B versus a consensus estimate of $8.99B.
However, total Sirius XM subscribers came in flat at 34M, while self-pay subscribers decreased by 132K during Q2.
SIRI's Pandora music streaming service also bled subscribers, with monthly active users at Pandora falling to 47.4M in Q2 from 50.5M a year ago. 
Sirius XM (SIRI) top boss Jennifer Witz on the earnings conference call said the company was "cautiously optimistic" that it would see Y/Y improvement in ad revenue in H2.
"It appears at this time that more substantial gains in the ad market will not come before 2024," Witz added.
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