Spotify Shares Surge In Premarket After CEO Says Firm Is Cutting 1,500 Jobs

Spotify shares were up more than 6.8% in pre-market trading Monday morning after news broke that it would lay off roughly 1,500 of its workforce in an effort for the audio streaming service to cut costs amid slowing growth. CEO Daniel Ek sent an email to staff explaining the company hired too aggressively in 2020 and 2021 and would be taking “substantial action to rightsize our costs" by cutting 17% of its workforce, CNBC reported. The news comes after a year that already saw major staff cuts—the company laid off...