SiriusXM Caps Year Of Regrouping With Better-Than-Expected Q4 Results

deadline.com:

SiriusXM, which has been trimming staff and regrouping in several areas in a bid to reverse subscriber losses, reported better-than-expected results in the fourth quarter.

The satellite audio firm posted earnings per share of 83 cents and revenue of $2.19 billion. Both metrics exceeded Wall Street analysts’ consensus forecasts.

The results followed reports on Wednesday that the company is laying off about 100 employees, a bit less than 2% of its total workforce.

The move comes nearly a year after a previous round of cuts affecting about 3% of staff. Speaking to analysts on the company’s fourth-quarter earnings call, CEO Jennifer Witz said the company’s management team has “sharpened our strategic focus on SiriusXM’s strengths and differentiators, with an emphasis on robust margins, free cash flow generation, and capital returns.” She said the core goals are to “continue to enhance our subscription offering, leverage the strength of our ad business, and accelerate efficiencies and optimization across the organization and our cost structure.” The company ended 2024 with 33 million subscribers.