Satellite radio operator Sirius XM Radio raised its full-year subscriber and revenue outlook and said it added 622,042 net subscribers in the second quarter.
The company, which competes with free Internet radio services such as Pandora Media Inc, raised its full-year subscriber forecast to about 1.6 million from 1.3 million, and raised its revenue outlook to about $3.4 billion from $3.3 billion.
Sirius, which gets the vast majority of its subscribers through new U.S. car sales, said it added over 1 million net subscribers in the first half of 2012.
Analysts were expecting full-year revenue of $3.36 billion, according to Thomson Reuters I/B/E/S.
"While we continue to be conservative in the face of a weak US economic outlook, customers continue to embrace our unparalleled programming lineup, allowing us to raise subscriber guidance for the second time this year," Chief Executive Mel Karmazin said in a statement.
For the second quarter, Sirius added 38 percent more net subscribers compared with the year earlier.
Shares of the company, valued at about $7.77 billion, were up 3 percent at $2.11 before the bell on Monday on the Nasdaq.
