Spotify cuts 6% of workforce, content chief to depart as CEO Ek stresses “efficiency”

Source: Yahoo! News

“Layoffs have hit music streaming giant Spotify. The company announced plans to cut 6% of its workforce, or about 600 employees, early Monday, a move that comes after a challenging 2022 for the business that saw Spotify stock lose more than two-thirds of its value. In addition to staff cuts, Spotify announced an executive reshuffling, with Gustav Soderstrom and Alex Norstrom moving to the position of co-presidents. … Spotify shares moved higher on the news, rising more than 6% in pre-market trading.” (01/23/23)