Spotify axes jobs in latest round of tech industry layoffs

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Stockholm-based Spotify had benefited from pandemic lockdowns because more people had sought out entertainment when they were stuck at home. Ek indicated that the company's business model, which had long focused on growth, had to evolve. "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. In hindsight, I was too ambitious in investing ahead of our revenue growth," Ek said.

After years of heady growth, analysts say tech companies are being forced to cut jobs in preparation for an economic dowturn that’s likely to cut demand for their software, products and services and reduce digital ad spending.

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Top Wall Street analysts pick these stocks to climb 2023’s wall of worryTipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Apple and Spotify.
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Spotify layoffs: Music streaming business to cut 6% of workforceOver the past few months, major tech companies have swiftly reversed a pandemic hiring spree that saw them add thousands of workers to keep up with a surge in demand from households and businesses for services such as online shopping and videoconferencing. Remember when it was Elon musk that started the layoffs and yall and other mainstream media dragged him through the mud for it? It’s all about the narrative😂 Another tech company layoff?
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