Spotify to Cut 6% of Workforce, Some 600 Employees

Wed, 06 Dec 2023

Spotify to Cut 6% of Workforce, Some 600 Employees

Voice of America
24 Jan 2023, 00:37 GMT+10

Stockholm - Swedish music streaming giant Spotify said Monday it was cutting six percent of its roughly 10,000 employees, the latest cost-cutting announcement among technology companies.

'In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about six percent across the company,' Spotify chief executive Daniel Ek said on Spotify's official blog.

'I take full accountability for the moves that got us here today,' Ek added.

The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, 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 such as Google parent company Alphabet, Facebook-owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Coast News.

More Information

22 ℃

Fair in Sydney

International

Section

Pentagon secretly providing bombs for Israeli bombardments

The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...

Biden administration says EPA to replace lead water pipes in 10 years

WASHINGTON D.C.: This week, the Biden administration announced a proposal by the Environmental Protection Agency (EPA) that would require U.S. ...

Cyberattack hits Japan space agency, rocket and satellites unaffected

TOKYO, Japan: Japan's space agency recently fell victim to a cyberattack, but reassuringly, the compromised information did not pertain to ...

Michigan man sentenced to prison term for keeping dead wife in freezer

MOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...

US CDC says life expectancy for newborns in 2022 gained a year

ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...

Three more Israeli troops die in Gaza conflict, death toll hits 400

The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...

California

Section

Vanderbilt draws test against defense-minded San Francisco

(Photo credit: Stephen R. Sylvanie-USA TODAY Sports) San Francisco seeks its first win away from home when it visits Vanderbilt ...

Report: 49ers signing veteran DB Logan Ryan

(Photo credit: Nathan Ray Seebeck-USA TODAY Sports) The San Francisco 49ers signed veteran defensive back Logan Ryan, NFL Network reported ...

Report: Rangers reach deal with reliever Kirby Yates

(Photo credit: Dale Zanine-USA TODAY Sports) The Texas Rangers reached an agreement with free agent reliever Kirby Yates, The Athletic ...

Avs D Cale Makar (lower-body) doubtful vs. Ducks

(Photo credit: Mark J. Rebilas-USA TODAY Sports) Star defenseman Cale Makar is doubtful to play Tuesday night when the Colorado ...

Beijing tells West peace depends on 'one China'

The principle is vital to cross-Strait stability, a Foreign Ministry spokesperson has saidThe Taiwan question is exclusively China's internal affair, ...

NFL playoff picture: 3 teams have chance to clinch in Week 14

(Photo credit: Eric Hartline-USA TODAY Sports) With five games remaining in the regular season, three NFC teams have a chance ...

Movie Review

Christ Stopped at Eboli (Cristo si fermato a Eboli)