Twitter files, tech layoffs & more FTX fallout | LiveNOW from FOX
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.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: ABC7 - 🏆 67. / 68 Read more »