** Shares of SiriusXM SIRI.O down 11% at $25.57 on Tues after satellite-radio broadcaster forecasted rev for next year below consensus, and announced C-suite changes
** Co early Tues projected 2025 rev of $8.5 bln and reaffirmed rev guidance of $8.675 bln for 2024
** Wall Street analysts had called for 2025 rev of $8.72 bln, per LSEG data
** As part of strategic update, co said it will double down on its core automotive subscriber segment and target $200 mln of annualized cost savings exiting 2025, pointing to "marketplace headwinds"
** It also named Wayne Thorsen, former ADT ADT.N exec, to newly-created role of COO, effective Dec 16
** Co also disclosed that Joseph Inzerillo has stepped down from his role as Chief Product and Technology Officer, effective immediately, to pursue other opportunities
** SiriusXM became an independent company three months ago after completing split-off and merger with billionaire John Malone's Liberty Media
** Since then, Warren Buffett's Berkshire Hathaway BRKa.N has added to its SIRI holdings, boosting its stake to ~112.5 mln shares, or ~33% ownership
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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