Sirius Satellite Radio reported its third quarter finances today, with continued gains in subscribers and further narrowing of the company's losses. Sirius finished Q3 with over 5.1 million subscribers. Loses were down to $163 million, compared to $180.5 million in losses the previous year.
Sirius' total revenue more than doubled, reaching $167.1 million, approximately a 150 percent increase over 2005, when it was at $66.8 million. The company predicts its total revenue for 2006 will be around $615 million, while analysts predict it could reach $623 million, according to Thomson First Call.
In today's conference call, CEO Mel Karmazin predicted Sirius' revenues will reach $1 billion in 2007 and $3 billion in 2010. He said, "Next year, we anticipate that there will only be two terrestrial radio companies that will have more revenue than Sirius and they are Clear Channel and CBS Radio. [They] will have little or no growth and we believe our $1 billion revenue in 2007 will grow to $3 billion in three years," according to Reuters.