Spotify jumps after saying it will cut 17% of workforce — read the full memo from CEO Daniel Ek
Publishing timestamp: 2023-12-04 11:01:27
Summary
Spotify shares rose after the company announced it would be cutting 17% of its workforce, or about 1500 jobs. Despite reporting a profit for the third quarter, Spotify stated that it had invested too much and needed to reduce costs. The layoffs are seen as a strategic move to align the company with its future goals and improve efficiency.
Sentiment: MIXED
Tickers: SPOT,
Keywords: jobs, breaking news: business, music, spotify technology sa, internet, social media, business, business news, economy, technology, media, breaking news: technology, breaking news: economy,
Source: https://www.cnbc.com/2023/12/04/spotify-to-lay-off-17percent-of-employees-ceo-daniel-ek-says.html