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 Haiti Sun 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 Haiti Sun.
More InformationISLAMABAD, Pakistan - Former President General (retd) Pervez Musharraf died in a Dubai hospital on Sunday at the age of ...
JERUSALEM - Israel on Sunday announced plans to build a new town on the Gaza border .The town, temporarily named ...
CHICAGO, Illinois: After an ice storm ravaged states from Texas to West Virginia, this week, airlines canceled over 1,800 flights ...
PRAGUE, Czech Republic: Ahead of her visit to Taipei, Marketa Pekarova Adamova, Speaker of the Czech Lower House, reiterated to ...
TRENTON, New Jersey: A federal judge has blocked a New Jersey law allowing the state's attorney-general to sue gun manufacturers ...
WASHINGTON D.C.: The Biden administration said this week that it will end US COVID-19 emergency declarations on 11th May, nearly ...
TOKYO, Japan: Japan is preparing to revise legislation to allow it to restrict the export of advanced semiconductor manufacturing equipment ...
LONDON, England: Energy giant Shell Oil has announced a record profit of nearly $40 billion in 2022, capping an eventful ...
TOKYO, Japan: Honda has announced that it will manufacture a new hydrogen fuel cell system, which was jointly developed with ...
IRVINE, California: In an effort to cut costs in preparation for an industry-wide price war, electric vehicle manufacturer Rivian Automotive, ...
SANTA CLARA, California: One week after Intel forecasted lower-than-expected sales caused by a loss of market share to rivals and ...
WASHINGTON D.C.: As part of a wider policy drive to increase competition in consumer markets, President Joe Biden has announced ...