Sirius Satellite Radio reports less than expected sales
Announcements December 5th, 2006
Sirius Satellite Radio reports less than expected sales
Sirius Satellite Radio has said that they are lowering their year-end 2006 subscriber guidance as they are suffering from less than expected sales this holiday season.
The company said in a statement that they are now expecting to end the year with between 5.9 million and 6.1 million subscribers.
They had estimated these figures to hover around 6.3 million subscribers. This would mean that the company would gain about 2.6 million to 2.8 million in 2006.
This news resulted in company’s share taking a minor beating at the stock market as the share fell by 12 cents, or nearly 3 percent, to $4.05 in aftermarket trading.
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The problem, I think, is that they boosted there expectations to 6.3 from 6 million a while ago, and now they look worst by lowering it back to 6 million. Either way, the product is great and I think, long term, the stock is a great buy.