XM stock soars after losses lessened
Earnings report is first since Sirius buyout
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Company's stock rose to $11.78 after it disclosed it had shrunk losses by about 20%, to $122 million, from $151 million in the first quarter last year.
Revenue climbed 27%, to $264 million, in the frame.
Stock is still off by more than 25% since it hit a six-month high in January.
Earnings report was the company's first since February, when XM accepted a buyout offer from rival firm Sirius. That deal is still under regulatory review.
Execs said in a call that while they were optimistic it would pass muster, it was not essential to company's survival.
XM has had a rough go on Wall Street after company lowered projects in previous quarters; this time, analysts said they were happy with the lack of surprises.
XM gained nearly 300,000 subs in the quarter. Company also predicted as many as 9.2 million subs by the end of the year; it disclosed Thursday that it just topped 8 million.
