Sirius XM Holdings (SIRI) announced it was cutting jobs (up to 8% of total work, so about 475 jobs) and reorganizing operations a month after it gave a weaker-than-expected full-year outlook.
Therefore, the company is entering a new cycle which is about reviewing its business and making investments (capex) on forward looking projects. The idea of the management is to move forward fast and effectively as the challenges are multiple across different layers inside the business.
Sirius reported last month that it expected 2023 revenue to be approximately $9 billion, the same as in 2022, and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.7 billion. Both were short of analysts’ estimates.