The total number of SiriusXM employees laid off is 8% of the workforce.
On Monday, SiriusXM said it was cutting its workforce by several hundred people.
According to CEO Jennifer Witz’s message to employees, which was posted on the company’s website, 475 workers are losing their jobs with the layoffs. The reductions will affect almost all departments and will amount to 8% of the total headcount.
As of the end of 2022, SiriusXM had more than 5,800 employees, according to the company. latest annual report. It stated that “the vast majority” worked full-time.
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“The investment we’re making in the business this year, combined with today’s volatile economic environment, requires us to take a different look at how our organization is structured,” Witz said.
Severance pay, transitional health insurance benefits, continued employee advocacy, and employment services will be offered to those who are laid off, according to SiriusXM’s CEO memorandum.
The layoffs are necessary to maintain a “sustainably profitable company,” Witz said. Including SiriusXM, numerous companies in sectors ranging from technology and finance to consumer goods and media have indicated that they are cutting the number of employees they work for in 2023, as FOX Business previously reported.
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According to the CEO, SiriusXM has taken steps such as “reducing content and marketing spend, reducing our presence in real estate and, most recently, introducing tighter restrictions on our travel and entertainment policies.”
“Today is one of the toughest days we have had to face as a team, and these changes deeply affect each of us,” Witz wrote. “However, I believe these tough decisions were necessary as we seek to seize the opportunity that lies ahead of us.”
SiriusXM said in February that it generated $2.28 billion in fourth-quarter revenue, up slightly from the same three-month period the previous year, and $365 million in net income, up about 14.8%. than last year.
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Meanwhile, according to the company, its annual revenue and profit were $9 billion and $1.213 billion, respectively. This revenue figure was up from $8.7 billion in the previous year, while full-year profit was down 7.7%.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| SIRI | SIRIUS HM HOLDINGS INC. | 4.06 | -0.24 | -5.58% |
Credit: www.foxbusiness.com /