Spotify to Cut 6% of Workforce

Music streaming service Spotify announced Monday that it is slashing hundreds of jobs in the latest round of layoffs in the tech sector.

Spotify said it would cut 6 percent of its staff, or about 600 workers, based on its last earnings report.

“Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. In hindsight, I was too ambitious in investing ahead of our revenue growth,” CEO Daniel Ek wrote in a statement. 

Read the source article at thehill.com