Spotify Cuts 1,500 Jobs, CEO Ek Says Streamer Must Be Leaner
- Spotify isn’t immune to ‘dramatically’ slowing economic growth
- Cuts will affect about 1,500 employees who will be told Monday
Spotify Technology SA is reducing its workforce by 17% in the company’s steepest cuts this year, part of an aggressive effort to shrink costs and drive profitability.
Employees affected by the layoffs will be notified on Monday, the music streaming company said in a statement. Roughly 1,500 jobs are being eliminated, a spokesperson said. Shares surged as much as 11% on Monday to $201.42.