News of satellite radio firm SiriusXM cutting 8% of its staff – about 475 jobs – is being widely reported after CEO Jennifer Witz sent a companywide email revealing the company’s plans. In her comments regarding the company’s 2022 fourth quarter and full-year operating results, Witz called 2022 a “strong year,” but added, “In 2023, we expect SiriusXM to deliver strong operating performance and generate significant cash, even as we face a challenging economic environment and continue to make material investments in our technology
infrastructure.” Witz adds, “Over the past five years, our business has grown and expanded with the addition of new acquisitions, business lines, and revenue streams. Now, we have completed an assessment of our departments and functions to determine where we can improve collaboration, consolidate teams to achieve greater efficiencies, and ultimately, design an organization structure that is best positioned to achieve our priorities. As a result, nearly every department across SiriusXM will be impacted. We believe the new operational design will allow us to move faster and more effectively as we take on new challenges across our business.” While numerous companies report net losses each quarter, SiriusXM has been reporting net income for some time. The company reported net income of $1.2 billion for 2022, but that was a decline of $100 million from the $1.3 billion in net income it reported for 2021.
