Voice of America
23 Jan 2023, 20:07 GMT+10
Stockholm - Swedish music streaming giant Spotify said Monday it was cutting six percent of its roughly 10,000 employees, the latest cost-cutting announcement among technology companies.
'In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about six percent across the company,' Spotify chief executive Daniel Ek said on Spotify's official blog.
'I take full accountability for the moves that got us here today,' Ek added.
The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.
Spotify has never posted a full-year net profit despite its success in the online music market.
In recent months, tech giants such as Google parent company Alphabet, Facebook-owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds.
Get a daily dose of Milwaukee Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Milwaukee Sun.
More InformationBERLIN, Germany - German Chancellor Friedrich Merz says he doesn't believe Israel targeted journalists in the attack on Gaza's Nasser...
WASHINGTON, D.C.: The Trump administration announced this week that it is conducting a sweeping review of more than 55 million people...
BANGKOK, Thailand: Former Thai Prime Minister Thaksin Shinawatra was acquitted on August 22 in a royal defamation case that could have...
GAZA - In two separate attacks, the Israeli army has killed six more journalists. In the first attack, 5 journalists, including one...
JERUSALEM, Israel: Israel's defense minister warned on August 22 that Gaza City faces destruction unless Hamas accepts Israel's conditions,...
NEW DELHI, India: India's Supreme Court has amended an earlier order on stray dogs, ruling that animals picked up in Delhi and surrounding...
WASHINGTON, D.C.: Since returning to the White House in January, President Donald Trump has cast himself as a global peacemaker, repeatedly...
(Photo credit: Robert Edwards-Imagn Images) As the 2025 pennant chase shifts into high gear, Major League Baseball released its 2026...
(Photo credit: Katie Stratman-Imagn Images) The Milwaukee Brewers will look for hard-throwing rookie Jacob Misiorowski to regain...
(Photo credit: Joe Nicholson-Imagn Images) Cal Raleigh became the first player whose primary position is catcher to hit 50 home runs...
(Photo credit: Mark Hoffman/Milwaukee Journal Sentinel / USA TODAY NETWORK via Imagn Images) Andruw Monasterio and Caleb Durbin homered...
(Photo credit: Mark Hoffman/Milwaukee Journal Sentinel / USA TODAY NETWORK via Imagn Images) Visiting Miami (Ohio) should provide...
