Worldspace Drops Subs in 1Q
Worldspace, the global satellite radio provider, said it ended the first quarter with 171,470 subscribers worldwide, a loss of 2,696 customers from the close of the prior quarter.
The customer losses were attributed to the planned cessation of marketing efforts in India and other parts of the world ahead of the company's efforts to commence mobile service in Europe next year. In India, the company lost 1,049 net subscribers during the first quarter, for a total of 162,026, reflecting a continued reduction in marketing in that region.
As for financials, WorldSpace reported first quarter revenues of about $3 million, essentially flat when compared to the same period last year. The company's first quarter net loss was $36.8 million, compared to a net loss of $35.5 million for the same period last year.