Sirius XM (NASDAQ: SIRI) shares are up after the company’s inline earnings report.
"With the exclusion of acquired telematics, equipment, and advertising, subscriber revenue was up only a little over 5.7%," wrote Wunderlich analyst Matthew Harrigan. "We acknowledge Sirius XM's superior EBITDA and revenue conversion but are wary on overstating revenue potential."
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Harrigan also weighed in on several concerns regarding Sirius’ competition. For one, T-Mobile is allowing customers to stream music from Internet providers without costing data. In addition, Google’s Songza and Apple’s Beats will crowd the space, along with Pandora and Spotify.
Shares of Sirius XM were last trading at $3.44, up 1.3 percent.
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