XM Satellite Radio Loss Widens on Higher Costs
XM Satellite Radio Holdings Inc., the world’s biggest satellite radio service, said its second-quarter net loss widened as costs increased. The company’s shares rose as XM boosted its forecast for new subscribers.
The loss widened to $166.1 million from $161.9 million a year earlier. On a per-share basis, the loss narrowed to 84 cents a share from $1.38 because the number of shares outstanding increased, XM said in a regulatory filing. The Washington-based company had been expected to have a loss of 88 cents, the average estimate of 15 analysts polled by Thomson First Call.
Shares of XM rose 92 cents, or 3.8%, to $25.45 on Nasdaq.
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