Spotify expected to layoff employees as soon as this week

Photo by @felipepelaquim on Unsplash

Spotify is the latest tech company expected to layoff employees as soon as this week. It isn't known how many of its 9,800 employees will be affected, but the company is reportedly moving forward with the plan to reduce operational expenses. This layoff is expected to be more broad than previous round of cuts in October, which affected staff working on canceled shows from its in-house podcast studios Gimlet and Parcast.

The streaming service has declined to comment on this report. But Spotify executives have previously signaled plans to reduce headcount-related expenses. CEO Daniel Ek told staff in June the company planned to reduce its hiring growth by 25 percent. CFO Paul Vogel also pointed to “increasing uncertainty regarding the global economy” during Spotify's investor day in June as a reason to evaluate its "headcount growth in the near term." The company is expected to report its fourth-quarter earnings on January 31.

Source