SiriusXM today announced its first quarter 2022 operating and financial results, including revenue of $2.19 billion, an increase of six percent, compared to the prior year period. The company recorded net income of $309 million in the first quarter 2022 compared to $219 million in Q1. Net income per diluted common share was $0.08 in the first quarter 2022 compared to $0.05 in the prior year period.
“SiriusXM delivered a record first quarter churn rate of just 1.6%, and we drove a 9% increase in average revenue per user to a new all-time high. Overall, the first quarter marked a great start to the year, even as SiriusXM’s near-term subscriber growth remains limited by supply constraints in the automotive industry. We are making substantial investments to grow our advertising platform through new podcast agreements and to grow SiriusXM digital with enhanced brand and performance marketing. In the first quarter, we returned $1.3 billion to our stockholders through regular and special dividends and common stock repurchases. We remain on track to attain our full-year subscriber and financial guidance,” said SiriusXM CEO Jennifer Witz.
“Content will always power our strong listenership and sustained subscriber loyalty at SiriusXM, and this quarter we continued to expand our offering through new agreements with artists and creators. We have announced multiple distribution and advertising sales agreements with top podcast brands such as Crooked Media, and several agreements include new content developed specifically for the SiriusXM platform. We kept our content fresh by launching an array of new pop-up channels and resumed even more live performances with legendary artists,” added Witz.
