Sirius reports narrower losses in Q2

US-based Sirius Satellite Radio said its net loss slimmed substantially in the second quarter, as it added more than a half-million new subscribers and revenue grew by about 50%, according to an Associated Press report.

The Associated Press report said Sirius reported a net loss of $134.1 million compared with a loss of $237.8 million a year earlier.

Revenue rose to $226.4 million from $150.1 million a year earlier.

In other key metrics watched by investors, Sirius' cost for adding each subscriber fell to $108 from $131 in the same period a year ago.

Average monthly revenue per subscriber, however, fell to $10.71 from $11.71 in the same period a year ago, partly on a decline in average advertising revenue per subscriber.

Average monthly churn edged up to 2.1% from 1.8% in the same period a year ago, the report said.

Sirius reported net subscriber additions of 561,493 for the quarter, taking its total to more than 7 million.

The company also said it continues to expect that its combination with XM Satellite Radio Holdings will be completed by the end of the year.

The Associated Press report further said the deal is facing tough regulatory scrutiny in Washington, and the two companies recently announced proposed pricing plans that would allow users greater choice in which channels they receive and how much they pay.