A Swedish audio streaming and media services provider, Spotify, has joined the league of American companies recently cutting down on their size.
Spotify, which was founded in 2006 by Daniel Ek and Martin Lorentzon, is looking to lauoff about 6% of staff.
Since the second half of 2022, massive layoff has become a major feature of many tech startups.
While some were inspired by the near collapse of the cryptocurrency market, others have been attributed to poor revenue performance in the quarter under review.
For Spotify, the layoff development comes after Spotify’s stock fell by over 50% in 2022.
By the estimated 6%, Spotify will be cutting down about 600 employees, joining the like of American companies such as Amazon, Alphabet, and Microsoft that have laid off staff in the past month.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.