SiriusXM is laying off less than 3 percent of its workforce, or about 160 positions, as the company reorganizes to promote future subscriber growth.
In a memo to employees Monday, CEO Jennifer Witz said the layoffs will allow the company to become “more efficient, agile, and flexible.” As of December 31, 2023, the company reported having 5,680 full-time and part-time employees.
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“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. 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 memo reads.
In March 2023, the company said it was laying off 475 people, or about 8 percent of its workforce, as Witz said the company was rethinking its cost structure in an “uncertain economic environment” in order to “maintain a sustainably profitable company.”
The satellite radio company reported fourth-quarter earnings on Feb. 1, with revenue of $2.29 billion, which was flat year over year and net income of $352 million, down from net income of $365 million a year earlier. The company added about 131,000 new self-pay subscribers in the quarter, leading to a year-end total of about 34 million, but lost 445,000 self-pay subscribers across the full year.
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