Blaming the economy and the dramatic falloff in auto sales, Sirius XM Radio lowered its subscriber forecast for this year and 2009. The company, which made the announcement Thursday (Nov. 6), expects to end 2008 with 19.1 million subscribers, slightly lower than earlier projections of 19.5 million and end 2009 with 20.6 million subscribers.
The company's revenue and EBITDA guidance did not change.
Since the merger in the summer of the nation's two satellite radio companies, Sirius XM has struggled amid a worsening economy, not the least of which is the failing automotive industry. In addition, Sirius XM must refinance about $1 billion of debt early next year.
Sirius XM is set to release its third quarter earnings on Monday, Nov. 10.