It follows last week's announcements of losses at Microsoft and Alphabet.
Alphabet, which owns Google, said it would shed 12,000 jobs, while Microsoft said up to 10,000 employees would lose their jobs.The company also said its chief content and advertising business officer, Dawn Ostroff, would depart as part of a broader reorganisation.Spotify, which had about 9,800 full-time employees last year, said it expected to incur at least €35m in severance-related charges.
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's announcement comes at a time when technology companies are facing downturn after two years of pandemic-driven growth during which they had hired aggressively.
Source: News Formal (newsformal.com)
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