The likes of Bob Dylan, Bruce Springsteen, Snoop Dogg, and Martha Stewart have not been enough to steer XM Satellite Radio clear of the rocky road the company has been on for the past several months.

Bob Dylan's shows weren't enough to stave off a subscriber slowdown.

That turmoil continued today, when the company reported a second-quarter loss that fell well below analyst forecasts. XM also lowered its year-end subscriber estimates for the second time in three months despite regular shows hosted by the aforementioned celebs.

For the three months ended June 30, XM's net loss widened to $229 million from a net loss of $147 million a year ago. The company did see its revenue grow 82 percent year over year, from $125 million to $228 million.

"Despite near-term challenges, XM's revenues grew in the second quarter by 82 percent compared to the same quarter last year and we were able to significantly bring down our adjusted loss year over year," XM CEO Hugh Panero said in a statement. "It's a testament to the appeal of satellite radio that XM recently surpassed 7 million subscribers."

But although the widening loss was not a good sign for the company, the reduced year-end subscriber forecast was even worse from Wall Street's point of view. XM has already passed the 7 million subscriber mark, but raised eyebrows in May when it lowered its year-end projections from 9 million to 8.5 million. Today, the company lowered expectations even further in reducing the forecast to between 7.7 million and 8.2 million.

Bank of America analyst Jonathan Jacoby characterized XM's overall report as "not pretty."