SiriusXM added 22,000 paid subscribers in the second quarter, its first positive self-pay net additions in four years, and recorded its lowest-ever monthly churn rate. However, its shares fell 13% in pre-market trading after adjusted earnings per share narrowly missed analyst expectations, underscoring investor concern despite improving customer retention and higher annual targets.

Revenue rose 1% year on year to $2.16 billion, while net income was $239 million and adjusted earnings per share reached $0.70, up 23% from a year earlier. The company raised its full-year outlook to about $8.525 billion in revenue, $2.625 billion in adjusted EBITDA and $1.375 billion in free cash flow; off-platform advertising revenue grew 5% to $413 million, helped by podcasting and programmatic demand.