Spotify to cut 6% of its workforce

By Hanna Ziady, CNN

Spotify said Monday that it will cut 6% of its global workforce to reduce costs, joining tech companies including Amazon and Microsoft in slashing headcount as the global economy slows.

In a letter to employees posted on the company’s website, CEO Daniel Ek took full responsibility for the job cuts, which he called “difficult but necessary.”

“Like many other leaders, 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,” he said.

The Stockholm-headquartered music streaming business had about 9,800 employees globally as of September 30.

— This is a developing story and will be updated.

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