Sirius XM Radio Inc (NASDAQ:SIRI) reported its first-quarter results before opening bell, posting record revenue of $897 million, an increase of 12 percent from the same quarter a year ago. Nonetheless, the company still missed the high expectations of analysts for revenue. Net income was $124 million, an increase of 15 percent. Analysts were expecting the company to report earnings of 2 cents per share on $907 million in revenue.

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The company’s subscribers grew by 453,000 to a new record high of 24.4 million. It’s also a 9 percent increase over the same quarter a year ago. In addition, Sirius XM Radio Inc (NASDAQ:SIRI) also saw its subscriber acquisition costs per gross addition fall. In its report this morning, it said although gross additions climbed 16 percent, total subscriber acquisition costs excluding purchase price accounting adjustments fell slightly year over year to $138 million.

“We continue to focus on profitable subscriber growth first and foremost,” said CEO Jim Meyer in a statement. “We expect to achieve record adjusted EBITDA margins this year, which is all the more impressive considering our investments in new content, services and expanding our distribution in the previously-owned vehicle market.”

Sirius XM Radio Inc (NASDAQ:SIRI) kept its subscriber growth, revenue and adjusted EBITDA guidance for the year and raised its free cash flow guidance to $915 million. It guided for 1.6 million self-pay net subscriber additions and total net subscriber additions of 1.4 million for the year. Sirius XM Radio Inc (NASDAQ:SIRI) guided for revenue of at least $3.7 billion for the year and adjusted EBITDA of more than $1.1 billion.

During the first quarter it also bought back 209 million shares of its common stock. As of the moment of this writing, shares of Sirius XM Radio Inc (NASDAQ:SIRI) were down 1.3 percent in pre-market trading.