Music streaming service Spotify says it is cutting 6 per cent of its global workforce, or about 600 jobs, becoming yet another tech company forced to rethink its pandemic-era expansion as the economic outlook weakens.
Spotify's operating costs last year grew at double its revenue growthCEO Daniel Ek announced the restructuring in a message to employees that was also posted online.
Big tech companies like Amazon, Microsoft and Google announced tens of thousands of job cuts this month as the economic boom that the industry rode during the COVID-19 pandemic waned. "I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us," Mr Ek said.He said that was why the company was cutting its global workforce by about 6 per cent.
Just last week, Google announced it was slashing 12,000 jobs while Microsoft said it would cull 10,000 workers, bringing to at least 48,000 the number of cuts that Big Tech companies announced in January alone.
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