Sirius XM Lays Off 475 Employees On Completing Strategic Review

• Sirius XM Holdings Inc (NASDAQ: SIRI) shared plans to downsize its workforce by 475 roles, or 8%, after a strategic review.

• "We are entering into a new phase for our Company. The investments we are making in the business this year, coupled with today's uncertain economic environment, require us to think differently about how our organization is structured."

• "As I shared in November, our planning process for 2023 included an enterprise-wide review of our business to identify opportunities for greater agility and efficiency. As part of this effort, we identified areas in which we could limit discretionary spending to minimize the impact of any additional needs for staff reductions."

• "We streamlined our non-headcount costs by reducing content and marketing spend, decreasing our real estate footprint, and most recently, implementing tighter restrictions in our Travel and Entertainment policy, "CEO Jennifer C. Witz's email read.

• In February, Sirius XM reported flat fourth-quarter FY22 revenue growth to $2.28 billion, missing the consensus of $2.32 billion.

• Adjusted EPS of $0.09 beat the consensus of $0.08.

• "While we are not issuing subscriber guidance today, we anticipate modestly negative self-pay net adds for the year as economic and demand uncertainty persists, auto sales remain soft, and we reduce marketing ahead of our planned launch of a new streaming experience later this year," CFO Sean Sullivan said.

• Price Action: SIRI shares traded higher by 0.70% at $4.33 premarket on the last check Tuesday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Sirius XM Lays Off 475 Employees On Completing Strategic Review originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.