US satellite radio service SiriusXM is the latest in the media and technology landscape to announce sizable cuts to its workforce. The audio monolith is cutting 8% of its total workforce, amounting to 475 job losses, following a warning of cost-saving measures at a town hall meeting in November 2022. This is somewhat surprising, considering that Liberty Media-owned SiriusXM posted annual revenues of $9 billion for 2022, up 4% year-on-year, with a pre-tax profit of $1.6 billion, up 5%. Net income, however, was down 8% to $1.2 billion, with this shrinking margin clearly causing anxiety at the board level. SiriusXM CEO, Jennifer Witz, says that the decision was critical in order for the company to maintain profitability in the long-term.…