Satellite audio firm SiriusXM to lay off 160 workers

SAN FRANCISCO: Satellite audio firm SiriusXM has announced to lay off 160 employees, or about three per cent of its global workforce, in an effort to become "more efficient, agile, and flexible".

As of December 31 of last year, the company reported having 5,680 full-time and part-time employees, reports The Hollywood Reporter.

"To continue on our path to future subscriber growth and sustain our Company’s success as the competitive landscape evolves, it’s imperative that we become even more efficient, agile, and flexible," CEO Jennifer Witz said in a memo to employees.

"Therefore, today we are making several organisational changes, including the difficult decision to eliminate certain roles, which will allow us to move faster and collaborate more effectively in support of our long-term objectives," she added.

The company laid off 475 workers in March last year, or about 8 per cent of its workforce, as Witz said the company is rethinking its cost structure in an "uncertain economic environment" to “maintain a sustainably profitable company.”

Earlier this month, the satellite audio company reported fourth-quarter earnings of $2.29 billion, which was flat year-on-year, and net income of $352 million, a decrease from $365 million the previous year.

Last month, Canada-based storytelling platform Wattpad slashed nearly 15 per cent of its workforce in another round of layoffs conducted earlier in January.

The company has laid off around 30 employees, TechCrunch reported, citing sources.