(Bloomberg) -- Shares of Sirius XM Holdings Inc., the online radio service that’s home to shock jock Howard Stern, fell as much as 9.8% after the company issued a 2025 revenue forecast that fell short of Wall Street estimates and said it will undertake a new cost-cutting drive.

The stock was down 8.7% to $26.25 in New York trading after falling as low as $25.92, the steepest one-day drop since late September. It had retreated 47% this year through Monday.

New York-based Sirius will seek $200 million in cost-savings next year, on top of savings achieved over the past two years, according to a statement Tuesday. The company didn’t provide further details on the reductions, but said it will focus next year on retaining subscribers who get its service in their cars. Marketing and other resources will shift accordingly.

The company sees 2025 revenue of $8.5 billion, below the $8.71 billion average of Wall Street estimates, along with adjusted earnings of $2.6 billion.

As part of its 2025 plan, Sirius expects to reduce its debt by $700 million. The company plans to maintain its 27-cent quarterly dividend and the authorization for $1.17 billion in stock repurchases. Sirius finished the third quarter with long-term debt of $10.1 billion.

Sirius also announced that Wayne Thorsen, former executive with ADT Inc., will join the company as chief operating officer. Joseph Inzerillo will step down as chief product and technology officer.

Warren Buffett’s Berkshire Hathaway Inc. is the largest shareholder in Sirius, with a 33% stake, according to data compiled by Bloomberg. In September, Sirius was split off as an independent public company from billionaire John Malone’s Liberty Media. He continues to hold a 6.5% stake, according to Bloomberg data.

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