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Social network giants in "crisis" / Spotify cuts staff, thousands of employees leave their jobs

2023-01-24 09:04:00, Tech CNA
Social network giants in "crisis" / Spotify cuts staff, thousands of
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Swedish music streaming giant Spotify will cut 6% of its 10,000 employees, citing the need to improve efficiency.

Spotify has never posted a full-year net profit despite its popularity in the online music market.

This announcement comes after Microsoft and Alphabet announced the same.

Alphabet, which owns Google, said it would cut 12,000 jobs, while Microsoft said up to 10,000 employees would lose their jobs.

The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its inception to drive growth with expansion into new markets and, in later years, exclusive content such as podcasts.

The company announced in October that it would slow hiring for the rest of the year and into 2023.

Spotify's announcement comes at a time when technology companies are facing declines due to the pandemic./ CNA.al





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