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Spotify to cut staff as soon as this week

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© Reuters. FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

(Reuters) – Spotify (NYSE:) Technology is planning layoffs as soon as this week to cut costs, Bloomberg News reported on Sunday, joining the likes of Alphabet (NASDAQ:) Inc, Amazon.com Inc (NASDAQ:), Microsoft Corp (NASDAQ:) who have cut thousands of jobs recently.

The report, which cited sources, said that the number of jobs being eliminated was not specified.

Spotify did not immediately respond to a Reuters’ request for comment.

Tech firms shed jobs last year as a demand boom during the pandemic rapidly fizzled, and layoffs have continued this year with companies looking to rein in costs to ride out the economic downturn.

In the last few weeks, Google parent Alphabet said it would eliminate 12,000 jobs, while Microsoft said it would eliminate 10,000. Amazon’s layoff round will impact more than 18,000 roles.

Other tech companies like Facebook-parent Meta and Elon Musk’s Twitter laid off thousands late last year.



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