Shares of SiriusXM dropped after the company reported second-quarter earnings and 2026 revenue guidance that both missed Wall Street targets.

The stock was down 12% at $28.78 in premarket trading. Shares had been on a tear so far this year, rising 63% year-to-date through Wednesday's close.

The satellite-radio company said earnings came in at 70 cents a share for the second quarter, missing analyst projections by 8 cents, according to FactSet.

Quarterly revenue ticked up 1% to $2.16 billion, clearing analyst forecasts for $2.14 billion.

The company raised its revenue outlook for the full year, saying it's on track for $8.53 billion. That would still come in shy of current analyst forecasts for $8.57 billion.