Sirius XM to cut 8% of workforce

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

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

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

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

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

We need to rethink how our organization is structured in light of the investments we are making in the firm this year as well as the current unstable economic climate, she added.

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

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

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