Your gateway to India's vibrant news. Explore Technology, Culture, Economy, and more with us.
Popular

Spotify Announces Third Round of Layoffs, Cutting 17% of Workforce

Spotify is pruning its global workforce by 17%, marking the music streaming service’s third wave of layoffs this year as it aims to reduce expenses and focus on profitability. CEO Daniel Ek announced the job cuts in a message to employees, calling it a “strategic reorientation.” The reduction amounts to about 1,500 employees.

Ek mentioned that Spotify had expanded the business and invested in employees, content, and marketing using low-cost financing in 2020 and 2021. However, the company faced challenges as central banks raised interest rates, impacting economic growth.

As a result, Ek emphasized the need to streamline the company’s structure to achieve continued profitability. Spotify reported a net loss of 462 million euros (about $500 million) for the nine months ending in September.

Earlier in the year, Spotify had implemented a 6% staff reduction in January and slashed another 2% of its workforce, primarily in the podcast division, in June.

Additionally, other tech giants such as Amazon, Google, Microsoft, Meta, and IBM have also announced significant job cuts in 2021.

Share this article
Shareable URL
Prev Post

Commerce Secretary Calls for Increased Funding to Stop Exports of AI Chips to China

Next Post

Give Latkes a Twist with Ginger Sweet Potato Pancakes with Orange Zest

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next
WASHINGTON — Chief Justice John Roberts on Sunday turned his focus to the promise, and shortcomings, of…