The company said it would eliminate 173 of its 420 positions, closing its offices in London and San Francisco. SoundCloud is based in Berlin and will maintain a second office in New York. Talks failed both with Twitter and streaming leader Spotify to acquire and incorporate the site. "By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of SoundCloud's independent future," he wrote. Spotify, despite a fast-growing subscriber base, has held off on a long-rumored public offering.

Source: The Nation Bangkok July 06, 2017 23:15 UTC