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SiriusXM Plans $200M In Cost Cuts In Pullback From Streaming, “Doubling Down” On Core Auto Market; Stock Tumbles 10% On Revenue Outlook
Satellite audio firm SiriusXM is aiming to trim costs by $200 million in 2025 as it shifts away from streaming and refocuses on its core automotive market.
Satellite audio firm SiriusXM is aiming to trim costs by $200 million in 2025 as it shifts away from streaming and refocuses on its core automotive market. The company said it is “focusing its resources on increasing retention and capturing additional growth opportunities within this valuable segment that underpins its scaled subscriber base. “At SiriusXM, we are focusing on the strengths that set us apart – including our strong core subscriber base, our unique position in vehicle, and our unrivaled, curated content — and taking steps to drive profitability and cash flow as we face marketplace headwinds impacting the company’s growth trajectory,” CEO Jennifer Witz said in a press release.
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