Voice of America
24 Jan 2023, 00:37 GMT+10
Stockholm - Swedish music streaming giant Spotify said Monday it was cutting six percent of its roughly 10,000 employees, the latest cost-cutting announcement among technology companies.
'In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about six percent across the company,' Spotify chief executive Daniel Ek said on Spotify's official blog.
'I take full accountability for the moves that got us here today,' Ek added.
The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.
Spotify has never posted a full-year net profit despite its success in the online music market.
In recent months, tech giants such as Google parent company Alphabet, Facebook-owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds.
Get a daily dose of Tennis Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Tennis Times.
More InformationBuffalo Bills linebacker Matt Milano has been named to the AFC roster for the upcoming Pro Bowl Games, the team ...
Reigning Hart Trophy winner Auston Matthews will be sidelined at least three weeks with a knee sprain, the Toronto Maple ...
Miami fired offensive coordinator Josh Gattis on Friday after one season with the Hurricanes. Gattis won the Broyles Award as ...
Stefanos Tsitsipas is off to his second major final after defeating Karen Khachanov 7-6 (2), 6-4, 6-7 (6), 6-3 in ...
New Delhi [India], January 27 (ANI): The sporting fraternity took to social media to laud star Indian tennis player Sania ...
The Serbian star remains on course for a record-equalling 22nd Grand Slam titleHistory beckons once again for Serbian tennis great ...
New Delhi [India], January 27 (ANI): Union minister Piyush Goyal has urged students to make sustainability an important element of ...
Joshimath (Uttarakhand) [India], January 27 (ANI): Giving respite to the sinking town of Joshimath, Disaster Management Secretary Ranjit Kumar Sinha ...
Amritsar (Punjab) [India], January 27 (ANI): Punjab Chief Minister Bhagwant Mann along with Aam Aadmi Party Chief and Delhi CM ...
Chamoli (Uttarakhand) [India], January 27 (ANI): District Magistrate of Uttarakhand's Chamoli, Himanshu Khurana said on Friday that a prefabricated cow ...
Beijing [China], January 27 (ANI): As China's population is shrinking, Beijing is re-assessing the labour policies as shrunk labour is ...
Washington [US], January 27 (ANI): Scientists have detailed a lifestyle switch that occurs in marine bacteria, where they change from ...