SiriusXM Cuts 3% Of Workforce In Effort To Invest In Content And Technology

 

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Also read :SiriusXM Cuts 3% Of Workforce In Effort To Invest In Content And Technology

Satellite radio company SiriusXM announced it will cut around 3% of its workforce, or approximately 170 jobs, as it continues efforts to invest in content, marketing, and technology while adapting to an evolving competitive landscape that has seen consumers shifting to streaming. This comes just eleven months after SiriusXM cut 8% of its workforce, and the CEO explained the new layoffs are needed to make the company more efficient, agile, and flexible to support its long-term objectives as it faces challenges in revenue growth and lost self-pay subscribers. While shares rose on the announcement as investors viewed it positively, the job cuts also aim to reduce costs as expenses increased despite declining revenue and margins, and the company hopes its revamped streaming app with lower prices can attract new subscribers and return to growth.

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