Layoffs are making headlines. What’s really going on in the job market London CNN — Spotify (SPOT) said Monday that it will cut 6% of its workforce to reduce costs, joining tech companies including Amazon (AMZN) and Microsoft (MSFT) 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, according to an earnings report. The company’s stock, which has nearly halved in value over the past 12 months, gained more than 4% in premarket trading in New York. Spotify’s share price has risen 24% since the start of the year, Refinitiv data shows. Over the past few months, major tech companies have swiftly reversed a pandemic hiring spree that saw […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
