Spotify to Trim 6 Percent of Workforce in Latest Tech Layoffs

Music streaming service Spotify said on Monday that it will cut six percent of its workforce, or about 600 jobs, joining a growing list of technology companies in announcing job cuts to lower costs.
CEO Daniel Ek announced the restructuring in a message to employees that was also posted on the company’s blog.
“Over the last few months we’ve made a considerable effort to rein in costs, but it simply hasn’t been enough,” Ek said.
The company’s operating costs last year grew at twice the speed of its revenue growth, a gap that would be “unsustainable long-term” in any economic climate, but even more difficult to close with “a challenging macro environment,” he said….

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