SiriusXM has initiated another round of layoffs, primarily affecting the operations department's product and technology group. This follows the company's previous reduction of approximately 100 jobs in January 2024.

The satellite radio company faces multiple challenges:

• Revenue declined 3% to $8.7 billion in the previous year
• Advertising revenue accounts for $1.8 billion (20% of total revenue)
• Lost 296,000 subscribers from its 33 million subscriber base
• Stock (SIRI) dropped 8.6% following reduced ad spending

Recent organizational changes include:

• Appointment of Scott Walker as Chief Advertising Revenue Officer
• Separation from parent company Liberty Media in September
• Failed launch of $9.99 monthly streaming app
• Renewed focus on core car-based users

CFO Tom Barry expressed concern about the company's current situation, particularly regarding advertising revenue. While the exact number of employees affected in this latest round wasn't disclosed, these layoffs are part of SiriusXM's broader strategic restructuring announced in late 2023.

The company's ability to stabilize its advertising business and retain subscribers will be crucial for its future growth prospects, especially as it struggles to diversify beyond its traditional car-based service model.

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