10:01 AM EST, 12/10/2024 (MT Newswires) -- (Updates with additional details in the fifth and sixth paragraphs and recent stock movement in the final paragraph.)

SiriusXM Holdings (SIRI) unveiled Tuesday an updated strategic plan that sharpens its focus on its core subscription business and issued 2025 revenue guidance below analysts' expectations.

The company expects full-year 2025 revenue of $8.5 billion. Analysts polled by FactSet are forecasting $8.74 billion.

SiriusXM also said that an authorized $1.17 billion stock repurchase program remains in place.

SiriusXM added that it is now targeting an additional $200 million of annualized savings exiting 2025, after delivering an aggregate of approximately $350 million of run rate savings in 2023 and 2024.

The company said that without giving effect to any opportunistic stock buybacks, it expects to cut its debt by about $700 million in 2025 and achieve a 3.6x leverage ratio by the end of 2025.

The company is also targeting $1.5 billion of free cash flow in 2027.

Shares were down 8.8% in recent trading.

Price: 26.23, Change: -2.52, Percent Change: -8.75