Bartis HK - Sirius XM Holdings Inc. (SIRI) reorganizes and reduces jobs

After the announcement, shares of the satellite radio firm rose by 1%, but year to date they have still decreased by 26%.
CENTRAL, Hong Kong - April 24, 2023 - PRLog -- A month after issuing a full-year outlook that fell below expectations, SIRI revealed that it is implementing job cuts and operational restructuring.

In a message to staff, CEO Jennifer Witz stated that the firm would be dismissing 475 workers, which amounts to 8% of its workforce. Witz clarified that despite previous attempts to curtail expenses, the job cuts were essential to ensure the company's profitability in the long term.

According to Witz, SIRI is entering a new phase. After conducting a business evaluation, the firm concluded that this year's investments, combined with an unpredictable economic climate, necessitated a new approach to the company's organizational structure.

Witz mentioned that the upcoming alterations would affect almost every department in the company. The redesigned operational structure will enable the firm to confront new challenges throughout its business more swiftly and efficiently.

In the previous month, SIRI disclosed that it anticipated generating around $9 billion in revenue for 2023, which was the same amount as 2022, as well as earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.7 billion. Both figures fell short of analyst expectations.

SIRI's shares rose by 1%, as they have been hovering around their lowest point in more than six years and have declined by 26% thus far in 2023.

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Page Updated Last on: Jul 02, 2023
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