Spotify reportedly planning layoffs as soon as this week

After slowing its tempo of hiring final 12 months, Spotify Technology SA is planning layoffs as soon as this week, in response to a brand new report, including to the wave of jobs cuts sweeping throughout the tech business.

Citing folks aware of the plans, Bloomberg News reported late Sunday that the streaming music service faces imminent job cuts, although an actual quantity was not specified by sources.

In October, Spotify laid off at least 38 employees at its Gimlet and Parcast podcast items. Last June, Spotify Chief Executive Daniel Ek advised workers that the corporate would scale back hiring by 25%, in response to Bloomberg and CNBC studies.

As of the tip of its third quarter, Spotify had about 9,800 workers, in response to its earnings report. More than 55,000 tech employees have been laid off to date in 2023, in response to the web site, together with 12,000 from Google mum or dad Alphabet Inc., 10,000 from Microsoft Corp. and a whole lot extra from Intel Corp.

Stockholm-based Spotify has been pressured by huge spending on podcasts in recent times, which have but to ship earnings and have weighed on margins. In June, Ek predicted a significant ramp in profitability inside the subsequent couple of years.

Spotify shares
have sunk about 50% over the previous 12 months, in comparison with the S&P 500’s
10% decline over that point.

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