Sirius Satellite Radio Inc. (NASDAQ: SIRI) reported a substantially lower net loss this quarter, as it added more than a half-million new subscribers and revenue grew by about 50%.

Sirius reported a net loss of $134.1 million, or 9 cents per share, compared with $237.8 million, or 17 cents. Adjusted, Sirius lost 8 cents per share in the period (compared with 11 cents last year), beating analysts' estimates of a 10-cent loss. While revenue indeed rose substantially to $226.4 million from $150.1 million a year earlier, it was lower than the expected $228.3 million.

The mixed picture continues when looking at other key metrics. For example, cost for adding each subscriber fell to $108 from $131, but so did average monthly revenue per subscriber to $10.71 from $11.71. Also average monthly churn increased to 2.1% from 1.8%. Another good measure was the net subscriber additions for the quarter which totaled 561,493, taking Sirius to 7.14 million subscribers.

No news on the merger with XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) and Mel Karmazin, Sirius's CEO (and the intended CEO of the merged company if that ever happens) said that "Momentum for the pending merger with XM continues to build." Karmazin said, just like XM's outgoing CEO Hugh Panero said during the conference call last week , that the companies continue to receive support from customers, suppliers and others. Karmazin believes that with the recent a la carte offering "we continue to expect that the merger will be completed by year-end."

Guidance was also mixed, and while revenue and subscriber growth remained on target with $1 billion and over 8 million subscribers, subscriber acquisition costs were raised. All in all, solid but not much news here, definitely not industry changing. Sirius, down 13% this year, rose more than 3% in early trading.