Sirius XM to cut 8% of workforce

Following the company's announcement that it is cutting 475 employees, or roughly 8% of its workforce,

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In a regulatory filing, Sirius XM (NASDAQ:SIRI) shares are down nearly 1% on Monday.

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The latest business in the sector to announce layoffs is the provider of satellite radio and audio streaming.

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In a note to the workers, the company's CEO, Jennifer Witz, stated that virtually every position within the firm will be affected.

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"Take the proper steps today to secure the long-term health and profitability" of the company, according to Witz, is essential.

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The business has reduced non-headcount expenses by lowering content and marketing expenditures,

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shrinking its real estate footprint, and, most recently, tightening restrictions on the company's travel and entertainment policy.

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