SiriusXM has announced another round of layoffs. This latest round of job cuts will affect 160 employees, totaling 3% of its workforce.
“We made significant progress on the transformation of our business in 2023, but we have just begun to scratch the surface of what is possible here at SiriusXM. To continue on our path to future subscriber growth and sustain our Company’s success as the competitive landscape evolves, it’s imperative that we become even more efficient, agile, and flexible,” SiriusXM CEO Jennifer Witz wrote in an email to employees.
“Therefore, today we are making several organizational changes, including the difficult decision to eliminate certain roles, which will allow us to move faster and collaborate more effectively in support of our long-term objectives. From uniting teams and better aligning initiatives, to investing in new technologies that will power our transformation, we are focused on increasing efficiencies and redeploying resources to support the strategic priorities of our business.”
The news of impending job cuts comes on the heels of the company’s earnings report. In 2023, SiriusXM saw a full-year revenue of $8.95 billion, with free cash flow eclipsing $1.2 billion. Gross profit was down 3%, totaling $4.2 billion. The satellite broadcaster ended 2023 with 34 million subscribers.
The round of cuts comes just under one year after nearly 500 employees lost their jobs with the satellite radio company in March of last year. That reduction impacted 8% of its global workforce at the time.
