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Spotify to lay off 6% of workforce as number of tech job cuts grows
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Spotify announced Monday that it is planning to cut 6% of its global workforce in order to rein in costs amid the challenging economic environment.
CEO Daniel Ek said in a letter that affected employees will be notified through one-on-one conversations as soon as Monday morning.
SPOTIFY TECHNOLOGY SA
"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," Ek said, adding that "in hindsight, I was too ambitious in investing ahead of our revenue growth."
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According to Ek, Spotify's operating expenses outpaced its revenue growth in 2022, which he acknowledged would have been impossible to sustain.