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Wednesday, May 20, 2009

Sirius XM is one of the "10 Biggest Tech Failures of the Last Decade," says Time

It’s a list Sirius XM probably didn’t want to appear on. Time lists what they claim are the “10 Biggest Tech Failures of the Last Decade.” Sitting on the list, which includes the Segway scooter, Microsoft Zune and Vonage, is Sirius XM. Time writes, “satellite radio was supposed to be one of the most successful consumer electronics devices of all time,” but both Sirius and XM “also took on tremendous amounts of debt to support its operations,” and both “never made a dime.” Making matters worse now, post-merger of the only two US satellite radio operators, is that Sirius XM reported in their latest quarter that subscribers dropped by 400,000 in 3 months. Company stock (SIRI), which once traded above $60, closed on Tuesday at just 36 cents. Read Time’s synopsis on SiriusXM here. Check the latest stock quote on SiriusXM here.

Tags: SiriusXM

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