Spotify to lay off 17% of its workforce in third round of job cuts this year
Spotify is laying off 17% of its workforce of roughly 9,000, its CEO Daniel Ek said Monday, marking the third round of job cuts at the music streaming giant this year.
Ek said in a companywide email that Spotify was taking “substantial action to rightsize our costs” after it took on too many employees in 2020 and 2021 — when cheaper capital allowed for a hiring frenzy that’s no longer sustainable.
The job cuts are set to impact some 1,500 jobs, CNBC reported, citing unnamed sources.
“Over the last two years, we’ve...