Sporting-goods giant Under Armour plans to lay off hundreds of its employees after a rough few months of sales, according to a memo obtained by Patrick Coffee.
Under Armour reported a 40% drop in sales during the second quarter and said in April that it would furlough 6,600 employees at retail stores and distribution centers. An Under Armour employee with direct knowledge of the situation said this week's layoffs included executives up to the VP level and followed months of delays.Ashley Rodriguez profiled Dawn Ostroff, Spotify's chief content and advertising business officer, who is driving the strategy behind Spotify's expansion into podcasts.
Spotify has inked deals with Barack and Michelle Obama, Joe Rogan, Kim Kardashian, and DC Comics. The company has also acquired podcast companies like Anchor, Gimlet, Parcast, and The Ringer. Spotify's ad business grew 25% in 2019 with podcast advertising. During the second quarter of 2020, Spotify said ad revenue fell 21% year over year due to the coronavirus.
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