Friday, January 27, 2023

Swedish company, Spotify, joins American counterparts in cutting jobs

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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.

READ ALSO:Another layoff spree may rock Amazon as company looks to shut three UK warehouses

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.

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