Sirius XM Reports Decline in Subscribers in Q1

Authored by Mark Hefflinger on May 7, 2009 - 7:44am.

Washington - For the first time in its history, satellite radio provider Sirius XM (NASD: SIRI) said on Thursday that its subscriber base shrunk during the first quarter.

The New York-based company reported 18.6 million subscribers at the end of the quarter, down from 19 million at the end of last year.

The company, which gains a large percentage of its subscribers by embedding satellite radios in new cars, attributed the figures to slow auto sales.

The drop, which helped push the company to a net loss of $236.6 million, sent company shares down more than 15% in Thursday's early trading.