Spotify to trim 6 per cent of workforce

Spotify said it will incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges.

Spotify | Spotify layoffs | Spotify job cut

Tech companies are facing a demand downturn after two years of pandemic-driven growth during which they had hired aggressively. (Image Source: Pixabay)

Listen to this article

00:00

1x 1.5x 1.8x

Music streaming firm Spotify Technology SA plans to cut 6% of its workforce, the company said on Monday, a move that will add to a glut of layoffs in the technology sector as companies prepare for a possible recession.

Tech companies are facing a demand downturn after two years of pandemic-driven growth during which they had hired aggressively. That has led the likes of Meta Platforms Inc to Microsoft Corp to shed thousands of jobs.

Sweden-based Spotify has seen advertisers pull back on spending, mirroring a trend seen at Meta and Google parent Alphabet Inc, as rapid interest rate hikes and the fallout from the Russia-Ukraine war pressure the economy.

Story continues below this ad

Also Read | Spotify’s letting you seal your favourite songs away so you can revisit them next year

Spotify said it will incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges.

The company said its chief content and advertising business officer Dawn Ostroff will also depart.

‘Spotify had about 9,800 full-time employees, as of Sept. 30.

Tags:
Spotify

Loading Taboola...

H-1B visa fee hike, US H-1B visa policy, $100000 H-1B visa fee, India response to H-1B fee, humanitarian impact H-1B visa, Indian government on H-1B, Randhir Jaiswal H-1B statement, Indian IT companies H-1B visas, Infosys H-1B approvals, TCS H-1B visa employees, Wipro H-1B visa applications, HCL H-1B workforce, US visa restrictions 2025, H-1B visa deadline September 21, Microsoft H-1B travel advisory, Amazon H-1B visa holders, JP Morgan H-1B guidance, H-1B visa program abuse, Indian skilled workers in US, USCIS H-1B data 2023

‘I don’t know what awaits me in the US’: The lives upended by Trump’s H-1B proclamation

India3 hr ago

The recent imposition of a $100,000 fee on H-1B visas by Trump has caused chaos and uncertainty for Indian families in Dubai, leading many to rush back to the US. This has particularly affected Telugu-speaking Indians, with the Telangana IT Minister seeking intervention from the Centre.

View all shorts

Live Blog