Technology companies set off a wave of layoffs, Spotify announced that it would lay off 6% of its staff
CTOnews.com Music streaming company Spotify Technology SA said Monday it plans to lay off 6 percent of its workforce, a move that will intensify layoffs in the tech industry as tech companies prepare for a possible recession.
CTOnews.com learned that tech companies are facing a downturn in demand after two years of epidemic-driven growth, during which they have aggressively recruited. This has led companies such as Meta and Microsoft to start cutting thousands of jobs.
Spotify said the layoffs would result in severance costs ranging from about 35 million euros (about 257 million yuan) to 45 million euros (about 331 million yuan). Dawn Ostroff, its chief content and advertising officer, will also leave, the company said.
