SiriusXM Reports $2.1B Net Loss in 2024, Adds Subscribers in Q4

The company faced revenue declines and impairment charges but saw growth in podcasting revenue and a Q4 subscriber increase.

SiriusXM ended 2024 with a net loss of $2.1 billion, driven by a $2.8 billion goodwill impairment charge, despite generating $8.7 billion in total revenue.
Fourth-quarter earnings exceeded Wall Street expectations with $2.19 billion in revenue and 83 cents per share, partially offsetting a challenging year.
The company added 149,000 self-pay subscribers in Q4, improving on the same quarter in 2023, but full-year subscribers declined by 296,000.
Podcasting revenue grew by 12% year-over-year, contributing to a slight increase in Pandora and Off-Platform revenue despite declines in active users.
SiriusXM implemented cost-cutting measures, including layoffs and a strategic focus on its core automotive market, aiming for $200 million in savings by the end of 2025.