By Sam Boughedda
Sirius XM (NASDAQ:SIRI) shares are down around 1% Monday after the company said in a regulatory filing that it is eliminating 475 jobs or about 8% of its headcount.
The satellite radio and audio streaming firm is the latest company in the industry to announce layoffs. The company's Chief Executive Officer, Jennifer Witz, said in a memo to staff that roles across nearly every part of the organization will be impacted.
Witz said it was critical to "take the right steps now to secure the long-term health and profitability" of the business.
"The investments we are making in the business this year, coupled with today's uncertain economic environment, require us to think differently about how our organization is structured," she wrote.
The company has streamlined its non-headcount costs by reducing content and marketing spend, decreasing its real estate footprint, and, most recently, implementing tighter restrictions in its Travel and Entertainment policy.
However, Witz said the decision to cut headcount "was required in order for us to maintain a sustainably profitable company."