Spotify to lay off 6 per cent of workforce as tech industry prepares for a recession
by SOURAV D | VIEW 433
Spotify Technology S A, the Sweden, Stockholm-based audio streaming trailblazer had issued a statement earlier in the week saying that the entity has been exploring an option to slash nearly a 6 per cent of its entire workforce in order to grapple with a gutting inflation-surge, as protests are reportedly erupting across a flurry of northern European nations over higher living costs and an unfathomable scale of build-up in price-pressures. Apart from that, Spotify SA also added at its statement that the Stockholm-based business would take a nearly $50 million in charges related to its latest leg of layoff. If truth is to be spoken, latest move from Spotify SA came forth as the tech industry has been facing off a sharp downturn in demands following a couple of years of mass-scale growth during the pandemic-related restrictions.
Spotify to slash 6 per cent of work in latest tech layoff
Concomitantly, Spotify SA’s plan to trim more than a whopping 6 per cent of its entire workforce came forth as an indication that the tech industry has been bracing for a plausible recession in a near-future.
Aside from that, announcing a roughly 600 job cuts, the Spotify Chief Executive Daniel Elk said in a blog post, “Over the last few months we've made a considerable effort to rein in costs, but it simply hasn't been enough. I was too ambitious in investing ahead of our revenue growth”.