Spotify announces layoffs
- January 23, 2023
- 0
Streaming service Spotify has decided to lay off 5% of its workforce amid a decline in demand at tech companies after two years of growth fueled by the
Streaming service Spotify has decided to lay off 5% of its workforce amid a decline in demand at tech companies after two years of growth fueled by the coronavirus pandemic.
As reported by Ukrinform, this was reported by Reuters.
“We have made significant efforts to reduce costs over the past few months, but it has not been enough,” said Daniel Elk, the company’s CEO.
In total, approximately 600 jobs, or 5% of the workforce, will be laid off.
“I was too ambitious to invest in front of our revenue growth,” he added.
It was noted that Spotify has set aside approximately $50 million to cover costs associated with the layoffs of several hundred employees.
As of September 30, 2022, Spotify had approximately 9,800 full-time employees.
As reported by Ukrinform, the Microsoft company plans to lay off thousands of jobs and cancel some positions.
Source: Ukrinform
I’m Maurice Knox, a professional news writer with a focus on science. I work for Div Bracket. My articles cover everything from the latest scientific breakthroughs to advances in technology and medicine. I have a passion for understanding the world around us and helping people stay informed about important developments in science and beyond.
