XM Satellite Radio has announced its results for the first quarter of 2007, and the company says that revenue jumped 27 percent year-over-year to $264 million, compared to $208 million in the first quarter of 2006. XM's first quarter net loss narrowed to $122 million, representing an 18 percent improvement compared to 2006. Furthermore, XM ended the first quarter of the year with more than 7.9 million subscribers and just recently surpassed the 8 million mark. It recorded gross subscriber additions of 868 thousand and net subscriber additions of 285 thousand in the first quarter.
"During the quarter, we improved our retail performance, experienced strong OEM gross additions, extended our distribution agreements with Toyota and Honda, enhanced our customer service, maintained our churn rate at approximately 1.8 percent for the third consecutive quarter and strengthened key financial metrics for our business," said XM CEO Hugh Panero. "These results were driven by the operational initiatives we put in place over the last several quarters."
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