Spotify is preparing to lay off 17% of its workforce or about 1,500 employees, as the company accelerates its profitability push. Chief Executive Daniel Ek announced the job cuts—the Stockholm-based company’s third round of layoffs this year—to staff Monday. Despite efforts to reduce costs, Ek said Spotify is still spending too much money. A leaner structure will change the way Spotify employees work and allow the company to invest profits more strategically back into the business, Ek said. In January the company said it would lay off about 600 employees, or 6% of staff.

Source: Wall Street Journal December 04, 2023 08:07 UTC