As revenue growth slows, SiriusXM is reportedly exploring the reduction of the company headcount, warning of potential job cuts back on November 28th during a town hall event with employees.
According to Bloomberg, the statements were made by the company during the townhall, saying that “It may indicate the need for staff reductions”.
SiriusXM Chief Executive Officer Jennifer Witz is reportedly planning to reduce costs in preparation for any potential economic downturn.
“We expect continued uncertainty around macro factors and recessionary trends impacting the broader economy in the coming months to dampen the digital audio ad market,” Witz said during an earnings call back in November (h/t MBWW).
Witz reportedly said that the company is reviewing “where there is room for improved efficiency.”
“The results of this review will highlight the other areas where we may need to reduce spending, and it may indicate the need for staff reductions… In the meantime, we need to closely evaluate our hiring needs and be purposeful in prioritizing roles that align with our strategic initiatives,” Witz said, via Bloomberg.
“SiriusXM’s new and used car trial starts were both down 4% sequentially as auto industry sales continue to remain soft and vehicle prices remain near record highs,” SiriusXM Chief Financial Officer Sean Sullivan said during the company’s Q3 earnings call.
