percent of its employees

The Swedish music-streaming platform, Spotify, announced to reduce 6 percent of its employees.

“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,” he added.

Previously in October 2022, the company had said it would slow down hiring for the rest of the year and into 2023, reported BBC.

It had about 9,800 full-time employees by the end of last year.

Source: https://newsroom.spotify.com/