XM Satellite Radio Growth Continues

XM Satellite Radio said on Friday it had gained an additional 640,000 subscribers during the second quarter, bringing its total subscriber base to over 4.4 million. That number is a little over 1 million short of its 5.5 million year-end subscriber target. The increase is 18 percent higher than last quarter, and a 53 percent increase year over year.

"This was the best second quarter in the history of XM. The momentum behind XM's subscriber growth is undeniable," Hugh Panero, CEO of XM said in prepared remarks. "In just one year, XM has more than doubled its subscriber base." Competitor Sirius has not announced quarterly numbers, however it did report 1.4 million customers at the end of the first quarter.