Daniel Ek, CEO of Spotify Technology SA, emailed staff on Wednesday informing staff that audio streaming companies would cut hiring by 25%, according to sources familiar with the content of the email.

Ek said Spotify will slow down the pace “and a little more wisely” over the next few quarters, but will continue to hire.

Shortly after Reuters and other media reported the news, stocks hit a high and rose 7.1%.

At an investor meeting earlier this month, Spotify Chief Financial Officer Paul Vogel said the company is monitoring the uncertainty of the global economy. “We’re keeping an eye on the situation and appreciating the increase in staff in the short term,” he said, although he hasn’t seen a significant impact on the business yet.

Earlier this month, Spotify provided investors with a positive reputation for their business and predicted that their investment in podcasting and audiobooks would drive growth over the next decade.

In response to rising inflation and withdrawal from the Ukrainian crisis, we have joined many companies that have delayed hiring or announced layoffs.

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