Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) released its earnings numbers for the three months through September 2013 this morning before the markets opened in New York. The company showed net income of $116 million for the third quarter. Revenue in the period came in at $1.11 billion. On Monday’s market shares in the company traded down in anticipation of this release.

Liberty Media

In the run-up to the release of this morning’s numbers, 8 analysts following Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) were surveyed by Bloomberg, and were looking for earnings per share of 95 cents from this morning’s report by consensus. Revenue for the three month period was expected to come in at $1.1 billion. In the same three months of last year the company showed earnings of $8.19 per share on revenue of $555 million.

Liberty Media earnings

Much of the Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) earnings report concentrates on the numbers from Sirius XM Radio Inc (NASDAQ:SIRI), a business it owns in part. The company showed EBITDA of $296 million on revenue of $962 million in the period. Sirius increased its subscriber base to 25.6 million, and bought back $1.6 billion worth of its own shares.

Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) owns the equivalent of about 40% of Sirius XM Radio Inc (NASDAQ:SIRI), and the business is responsible for much of the income and revenue at Liberty.

Liberty Media performance

Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) has a business model that can be difficult to understand. Its earnings tend to be inconsistent from quarter to quarter and year to year. Liberty Media is an investment firm at heart, though it acts like an owner of the businesses it invests in and it tends to concentrate on media businesses alone.

Executives from Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) will host a conference call to discuss these earnings numbers later today at 3:15 p.m. EST. Investors and analysts will be hoping to hear about any big moves the company is planning in the current quarter, and the firm’s outlook for the fourth quarter.