(MarketWatch) -- Sirius XM Radio, the New York provider of subscription-based satellite radio service, reported a first-quarter net loss that narrowed as revenue rose. The net loss was $50.4 million against $104.1 million in the year-earlier quarter. The net loss attributable to common-stock holders was $236.6 million, or 7 cents a share, compared with $104.1 million, or 7 cents, in the year-earlier quarter. Shares outstanding were 3.52 billion against 1.48 billion. On an adjusted basis, the company reported a quarterly profit from operations of $108.8 million compared with a loss from operations of $70.2 million a year earlier. Sirius XM's pro-forma net loss narrowed to $62.9 million from $233.4 million in the year-earlier period. Pro-forma revenue was $605.5 billion, up 5% from $578.8 million. The cost of acquiring subscribers improved 26% to an average $61 from $82. The company ended the first quarter with 18.6 million subscribers, up 3% from the year-earlier 18 million opn a pro-forma basis. First-quarter adjusted average revenue per subscriber was $10.43, compared with $10.48 a year-earlier.
