SiriusXM Holdings Inc on Monday said it would lay off 8 per cent of its workforce, or about 475 employees, as the satellite radio firm takes a hit from slow subscriber growth.
In February, the owner of podcast platform Stitcher had said it expects to lose subscribers this year as consumers brace for a recession. Weak auto sales are also expected to hurt the radio operator's subscriber base. The company will also cut its marketing budget."Today's decision to reduce our workforce was required for us to maintain a sustainably profitable company," Chief executive Jennifer Witz said in a letter to staff. The lay offs will impact nearly all departments.
SiriusXM joins tech titans such as Microsoft Corp and Google-parent Alphabet Inc that cut headcount by the thousands to weather a tough economy.Source: Reuters