Spotify plans to cut about 6% of its workforce and join the ranks of tech companies like Amazon.com Inc. and Meta Platforms Inc., which are cutting costs.
The news was announced on Monday and affects about 600 jobs. The company also announced that its head of content and advertising, Don Ostroff, is stepping down as part of a broader reorganization.
Spotify, which had about 9,800 full-time employees as of September 30, said it expects to incur severance pay-related costs of around 35 million euros.
The company also said in October that it would slow down recruitment through the end of the year and into 2023. Its stock has more than halved from a bleak 2022 for tech stocks.
According to Bloomberg, CNBC.
Source: Kathimerini
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