Report: Spotify to lay off some of its employees this week

Popular music and podcast streaming provider Spotify is planning to announce layoffs this week, according to a new report by Bloomberg. This move is reportedly a way for the company to cut costs.

The company has not yet specified how many jobs it will cut. In 2019, 38 people from its Gimlet Media and Parcast podcast studios were given the pink slip in October, including podcast editorial staff in September. Spotify currently has about 9,800 employees, according to its third quarter earnings report.

Spotify will join the likes of many tech companies that recently laid off their employees. Back in November of last year, Meta announced the layoff of more than 11,000 employees. In the same month, Twitter halved its employee headcount after the popular microblogging company was acquired by business mogul Elon Musk. What's more, HP is set to cut as much as 10% of its workforce over the next three years and Tesla will cut its headcount this quarter after the company saw its stocks drop.

More recently, Microsoft confirmed the elimination of 11,000 jobs while Amazon will let go of about 18,000 employees as part of broader cost-cutting measures. Last week, Google also announced a major layoff, bidding goodbye to about 12,000 of its staff.

Spotify has not yet commented on the issue.

Source: Bloomberg

Report: Spotify to lay off some of its employees this week