Investing
Spotify to cut headcount by 17% as growth slows; Shares gain
© Reuters. Spotify (SPOT) to cut headcount by 17% as growth slows; Shares gain
Spotify (NYSE:) shares rose more than 2% in pre-market trade on Friday after the company announced it will cut approximately 17% of its total workforce.
In an update on the company’s website, CEO Daniel Ek said the decision marks “a significant step change for our company.”
“To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company,” he said in a post.
According to Ek, Spotify contemplated implementing smaller workforce reductions over the course of 2024 and 2025.
However, in light of the significant disparity between the company’s financial goal state and its current operational costs, CEO Ek decided that a substantial action to rightsize costs was the most effective option to achieve the company’s objectives.
Back in October, Spotify said its third-quarter revenue rose 11% year-over-year to 3.36 billion euros. For this quarter, the company expects to generate 3.7 billion in Q3 revenue.
Read the full article here
-
Passive Income6 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles7 days ago
How to Develop Empowered Leaders Within Your Own Team
-
Side Hustles5 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles6 days ago
How Your Body Language Can Help Win a Disagreement
-
Investing6 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Side Hustles6 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Side Hustles7 days ago
Why the Best Time to Sell Your Business Is When You Least Expect It
-
Investing4 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane