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He cited slowing economic growth and rising interest rates as the reasons. This is also true on Spotify. At the end of 2022, the Stockholm-based company had approximately 8,400 employees. A spokesman said around 1,500 jobs would be affected by the cuts.
Ek added that he was aware that a cut of this size would seem surprisingly high to many, considering the recent positive earnings report. Spotify went onshore in the third quarter following a surge in users and a price increase. The Swedish company is considered by far the number one in music streaming, ahead of Apple and Amazon.
Smaller staff cuts over the next two years were also discussed, according to Annex. “However, given the difference between our financial goals and our current operating costs, I have determined that a comprehensive measure to adjust our costs is the best option to achieve our goals,” the executive wrote.
Employees affected by workforce reductions should be given severance pay and paid for remaining leave days.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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