SPOT - Spotify's Bold Move - CEO Announces Drastic 17% Workforce Cut | Benzinga
Spotify Technology S.A. (NYSE: SPOT) CEO Daniel Ek announced significant organizational changes, including reducing the company's headcount by approximately 17%.
The decision reflects the economic slowdown and the need for Spotify to align with future goals and challenges.
Despite recent positive earnings, the cost structure remains too high, prompting this substantial downsizing decision.
In October, Spotify reported third-quarter FY23 revenue growth of 11% year-on-year to €3.36 billion ($3.65 billion), beating the ...