Last month, SiriusXM reported 2022 revenues grew by 4% to $9 billion, butshe expected a “a softer first half in terms of revenue … and subscriber growth” compared to last year.
The job cuts will hit nearly every department in the company, and employees who are being let go will start to receive notice today, Witz said, adding she is grateful for their work.During Witz’s tenure as CEO, SiriusXM has hired about 1,500 new employees, bringing the company’s total headcount to just under 5,700, according to filings from 2022.
The company is in the process of updating the back-end technology and user-friendliness of its SiriusXM app, which Witz has said will enable the company to introduce new products to the app faster, a key part of the company’s growth strategy. Sirius has also struggled in recent quarters with a slowdown in Pandora subscriber revenue and higher expenses from investments in podcasting and technology.