Spotify cuts 17% of jobs as economic growth slows

By Agence France-Presse

Dec 05, 2023 12:13 am

STOCKHOLM: Music streaming giant Spotify said on Monday it would reduce the number of its employees by around 17 percent in a bid to cut costs amid 'dramatically' slower economic growth.

The announcement comes on the heels of a rare quarterly net profit of 65 million euros in October, compared to a loss of 166 million for the same period a year earlier, following 26 percent growth in active users for the third quarter to 574 million.

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