SiriusXM reported mixed financial results for Q4 2024, with revenue declining but net income showing significant improvement. The satellite radio giant posted Q4 revenue of $2.19 billion, down 4.3% year-over-year, while net income rose 26% to $287 million.

Key Q4 2024 Financial Highlights:

• Core satellite radio revenue: $1.62 billion (down 5.6% YoY)
• Subscription revenue: $1.50 billion (down 5.4% YoY)
• Pandora and off-platform revenue: $568 million (flat YoY)
• Advertising revenue: $434 million (slight decrease YoY)

Subscriber Statistics:

• Added 149,000 SiriusXM self-pay subscriptions in Q4
• Total subscribers: 33.23 million (including 1.58 million paid promotional subs)
• Lost 296,000 self-pay subscribers in 2024
• Pandora lost 101,000 self-pay Plus and Premium subscribers in Q4
• Pandora ended 2024 with 5.77 million subscribers (down 279,000 YoY)

Pandora Performance Metrics:

• Q4 ad-supported listener hours decreased from 2.53 billion to 2.39 billion
• Full-year listener hours declined from 10.48 billion to 9.94 billion
• Q4 advertising revenue per thousand listener hours dropped from $111.27 to $108.37

Full-Year 2024 Results:

• Total revenue: $8.70 billion (down 2.8% from 2023)
• Net loss: $2.08 billion, primarily due to Q3 non-cash impairment charge of $3.36 billion

CEO Jennifer Witz expressed optimism for 2025, citing strong usage growth for SiriusXM's updated app and podcast content. The company's stock (NASDAQ: SIRI) closed at $23.11, up 5.8% for the day.

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