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.
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 September 30.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Spotify for Podcasters App Introduces Comments Feature, Enabling Deeper Engagement With Listeners Watch: Laid Off Indian-Origin Techie In US Says He's Being Replaced By ''Indians Living In India'' Google Gemini to Get Spotify Integration via New Extension for AI Assistant: Report Windows Computers Lead To 'Blue Screen Of Death' Due To CrowdStrike Error Over 300 Indian Students Return Home As 105 Bangladeshis Killed In Protests In 1st Statement After Outage, CrowdStrike CEO Says... CUET UG Result Delay Jeopardized JNU Academic Calendars: VC Santishree Delhi Hospital Shooting Case: Cops Arrest 21-Year-Old Man, Recover Pistol "Probe China Link To Political Voices That Targeted Adani Group": Mahesh Jethmalani Track Latest News Live on NDTV.com and get news updates from India and around the world.