Sirius Satellite Radio making losses

Sirius Satellite Radio making losses

Sirius Satellite Radio is the second largest pay-radio service in the United States and the company posted a wider fourth-quarter loss. The company blamed this on wider expenditure on promotions during the holiday season.

The company posted losses of $311.4 million, or 23 cents a share. These are up from losses of $261.9 million, or 21 cents, a year earlier. Sirius however reported increased sales of $80 million which is triple than the figures one year earlier.

These results are similar to their competitor XM Satellite Radio Holdings who also posted a wider loss than analysts predicted. In fact, one of the company directors quit after this disastrous performance in the market.