Spotify slashes 17% of jobs in third round of cuts this year

Music streaming giant Spotify announced Monday that it will lay off around 1,500 employees, or 17% of its workforce, in an effort to further reduce expenses. The latest round of job cuts come after the company let go of 600 staff members in January and 200 more workers in June.

In an email sent to staff, Spotify CEO Daniel Ek said that Spotify was taking "substantial action to rightsize our costs," adding that the company took on too many employees over the years 2020 and 2021, when capital was cheap and tech companies could invest significant sums into team expansion.

This comes depite Spotify reporting a 65 million euro ($70.7 million) profit for the third quarter, citing lower spend on marketing and personnel. Spotify raised the prices of its subscription plans earlier this year and has been expanding into podcasts and audio books.

Spotify's cuts come as other tech companies also saw reductions in their workforce this year, including Google, Amazon, Microsoft and Meta.

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