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Spotify axes 17% of workforce in third round of layoffs this year

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( ) -q-22- UNDATED (Correspondent Jeremy House) “about 15-hundred people.”

Spotify says it’s axing 17% of its global workforce in the music streaming service’s third round of layoffs this year.

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Out-cue: about 15-hundred people]

TAG: Correspondent Jeremy House reporting. Spotify had used cheap financing to expand the business but Ek indicated it was caught out as central banks started hiking interest rates last year.

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VERBATIM: Spotify is trying to slash costs while focusing on becoming profitable. In a message to employees posted on the company’s blog, CEO Daniel Ek said the jobs are being cut as part of a “strategic reorientation.” The post didn’t specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people.

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