The Clap
Spotify (NYSE:SPOT) has announced that it will cut 6% of its global workforce due to growing economic pressure.
What
Spotify has a global workforce of around 9,800 people, meaning that the 6% cut is expected to impact around 600 employees.
So What
As consumers and advertisers become more conservative in their spending, the high-growth tech sector has been one of the hardest-hit sectors globally. Most mega-cap tech companies have decided to make significant layoffs to streamline their business and reduce costs.
Now What
The payouts and charges for the layoffs are expected to cost the company around EUR 35 million to EUR 45 million.
