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Spotify to cut 6% of its workforce, nearly 600 employees

STOCKHOLM – Swedish music-streaming giant Spotify said Monday it will cut 6% of its roughly 10,000 employees. This is the latest cost-cutting announcement by the tech company.

“In hindsight, I was too ambitious to invest in revenue growth ahead of time. Managing Director Daniel Ek said on Spotify’s official blog.

“I take full responsibility for the moves that got us here today,” added Ek.

The New York Stock Exchange-listed Swedish company has invested heavily since its launch to expand into new markets and, later in life, drive growth with exclusive content such as podcasts.

Spotify has never posted a full-year net profit despite its success in the online music market.

In recent months, tech giants including Google parent Alphabet, Facebook owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds. Did.

https://www.bignewsnetwork.com/news/273419041/spotify-to-cut-6-of-workforce-some-600-employees?utm_source=feeds.bignewsnetwork.com&utm_medium=referral Spotify to cut 6% of its workforce, nearly 600 employees

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