Sirius XM falls after Q2 profit miss
SIRI•Stock performance
Including the session's moves, the stock has risen 53.3% this year.
Shares fall after profit miss
Sirius XM's SIRI.O shares fell 5.3% to $30.88 after the company missed second-quarter profit estimates.
The company reported second-quarter EPS of 70 cents, below analysts' average estimate of 78 cents, according to LSEG-compiled data.
Revenue slightly above expectations
Revenue came in at $2.16 billion, slightly above expectations of $2.14 billion.
The company said the miss was weighed by higher memory chip costs that hit equipment revenue.
Equipment revenue and subscriber trends
Equipment revenue declined 22% from a year ago, as higher memory chip costs tied to its hardware weighed on the business.
Monthly active users at its Pandora unit fell 7%.
Sirius XM also reported a surprise gain of 22,000 self-pay subscribers.
