Spotify cuts 6% of its workforce — read the memo CEO Daniel Ek sent to staff

Spotify announced Monday it’s cutting 6% of its global workforce as the music streaming company contends with a gloomy economic environment that has seen consumers and advertisers alike limit their spending.

Spotify has a total workforce of around 9,800 people, which means the cuts impact about 600 employees. According to its LinkedIn profile, the company employs 5,400 people in the U.S. and 1,900 in Sweden.

Shares of Spotify climbed more than 3% Monday on news of the cost-cutting measures.

Spotify, which is based in Sweden but listed on the New York Stock Exchange, sent an internal memo to staff Monday announcing the layoffs.