Music streaming company Spotify on Monday announced to slash 6 per cent of its workforce globally.
In a memo, Daniel Ek, Spotify CEO, announced that he was too ambitious in investing ahead of their revenue growth.
“And for this reason, today, we are reducing our employee base by about 6 per cent across the company. I take full accountability for the moves that got us here,” he said.
As of its last earnings report, the company had just over 9,800 full-time employees.
“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,” Ek admitted.
