New Delhi: Music streaming service Spotify says it is cutting 6 percent of its workforce, another tech company resorting to layoffs as the economic outlook worsens. CEO Daniel Eck announced the restructuring in a message to employees that was also posted online.
To further bring down our costs, we have made the difficult but necessary decision to reduce our workforce, one wrote. Big tech companies like Amazon, Microsoft, and Google announced tens of thousands of job cuts this month as the industry takes a hit during the COVID-19 pandemic. ,Also read: ‘Why me? Why now?’: 8-month pregnant IT employee writes heart-wrenching post after being fired from Google,
One said that Stockholm-based Spotify was no different. I expected to sustain strong headwinds from the pandemic and believed that our broader global business and less exposure to the impact of a recession in ads would propel us. In retrospect, I was too ambitious to invest before my revenue growth,” said one. (Also read: Back with a bang! Invest Rs 71 a day in LIC, get Rs 48.5 lakh on maturity; check return calculator, other details,
He said the company is cutting about 6 percent of its global workforce, without specifying a specific number of job losses. Spotify revealed in its latest annual report that it laid off approximately 6,600 employees, which means 400 jobs are being cut.
One said, today we have reached here, for this I take full responsibility.