Spotify latest tech company to announce layoffs by cutting 6% of workforce – National | 24CA News
Music streaming agency Spotify Technology plans to chop six per cent of its workforce, the corporate mentioned on Monday, a transfer that may add to a glut of layoffs within the know-how sector as corporations put together for a potential recession.
Tech corporations are dealing with a requirement downturn after two years of pandemic-driven progress throughout which they’d employed aggressively. That has led the likes of Meta Platforms Inc. to Microsoft Corp. to shed hundreds of jobs.
Sweden-based Spotify has seen advertisers pull again on spending, mirroring a development seen at Meta and Google mum or dad Alphabet Inc., as fast rate of interest hikes and the fallout from the Russia-Ukraine struggle strain the financial system.
Spotify mentioned it can incur about 35 million euros (US$38.06 million) to 45 million euros in severance-related expenses.
The firm mentioned its chief content material and promoting business officer Dawn Ostroff will even depart.
Spotify had about 9,800 full-time workers, as of Sept. 30.
