Spotify Technology announced on Monday (23) plans to lay off 6% of its workforce, or about 600 employees, expanding the group of technology and media companies that have taken similar measures on the grounds of preparing for a recession.
The company also said that Vice President of Content and Advertising Dawn Ostroff will be leaving the company as part of the reorganization.
Spotify, which had about 9,800 employees as of September 30, said it expects to incur expenses of €35m to €45m related to the layoffs.
In the early days of this month, Alphabet and Microsoft announced tens of thousands of layoffs.
Spotify announced in October that it was slowing down hiring for the remainder of the year and 2023. The company’s stock has accumulated a more than 50% drop in 2022.
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I have worked in the news industry for over 10 years and have been an author at News Bulletin 247 for the past 5 years. I mostly cover technology news and enjoy writing about the latest gadgets and devices. I am also a huge fan of music and enjoy attending live concerts whenever possible.
