Shares of Sirius XM (NASDAQ: SIRI) opened sharply lower on Thursday after posting mixed quarterly results.
The country’s only satellite radio provider was in a good groove before this week’s financial stumble
Sirius XM was rallying, soaring 63% this year through Wednesday’s close. After six consecutive years of declining stock prices — a brutal 72% belly flop over that time — it seemed as if investors were finally starting to warm up to the creature comforts of a cash cow media business. It was easy to make sense of the swoon as we headed into 2020.
For a subscription service primarily consumed in cars, the COVID-19 lockdown was brutal. Folks weren’t driving to work, school, or social activities. Nixing a monthly Sirius XM subscription was an easy way to pay for a sourdough starter, a Zoom room makeover, or home fitness gear.