SiriusXM letting go nearly 500 workers

US satellite radio service SiriusXM is reducing its workforce by 475 roles, or 8% of its total staff, MBW reports. At the end of 2022, SiriusXM had 5,869 full-time and part-time employees, 5% more that the prior year. SiriusXM announced layoffs are “critical for us to take the right steps now to secure the long-term health and profitability of our business.” SiriusXM posted annual revenues of USD $9.00 billion for the year 2022, up 4% YoY. Its pre-tax profit in 2022 weighed in at $1.61 billion, up 5% year-on-year.