Spotify latest tech company to cut jobs, axes 6% of workforce

this month as the economic boom that the industry rode during the COVID-19 pandemic waned.

The company’s operating costs last year grew at double its revenue growth, a gap that would be “unsustainable long-term” in any economic climate, but even more difficult to close with “a challenging macro environment,” he said. “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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Spotify axes jobs in latest round of tech industry layoffsCEO Daniel Ek announced the restructuring in a message to employees that was also posted online.
Source: fox7austin - 🏆 594. / 51 Read more »

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.
Source: CNBC - 🏆 12. / 72 Read more »