Page 3 - Aniel Ek News Today

Spotify had posted an operating profit of €32 million in Q3 2023, marking the companys first profitable quarter in two years.

In a pre-holiday shocker, Spotify is laying off 17 percent of its workforce across the company.

Spotify to lay off 17% workforce: In a letter to the employees, Daniel Ek said that they will receive a calendar invite within two hours from HR for a one-on-one conversation.

In a letter to employees, Spotify CEO Daniel Ek said the company hired more in 2020 and 2021 due to the lower cost of capital and while its output has increased, much of it was linked to having more resources.

Spotify has fired a bunch of people in 2023, and now they're getting rid of about 1,500 more.

Spotify suddenly started making a profit in the past few months, but CEO Daniel Ek said "being lean is... a necessity."

Spotify CEO Daniel Ek said the job cuts were necessary to stay profitable amid setbacks in its podcast department six months ago.

Music streaming giant Spotify said Monday it would reduce its number of employees by around 17 percent in a bid to cut costs amid "dramatically" slower economic growth.Ek said the company now finds itself in a very different environment, noting that "economic growth has slowed dramatically and capital has become more expensive."

Plus: Wages hotter than takeout food.

The music streamer is letting go another 1,500 employees, or 17% of its workforce