© Reuters Spotify (SPOT) to announce layoffs this week, joins other tech companies making cuts
By Vlad Schepkov
Spotify (NYSE:) is expected to announce a round of layoffs as soon as this week, according to a Sunday report by Bloomberg.
“People familiar with the plans” have shared the audio streaming giant’s plans to make reductions to its workforce of nearly 9,800 people, as of last quarter’s end.
The number or the types of positions to be eliminated were not specified.
Late last year the company already made small cuts, letting go of 38 employees from its podcast studios Gimlet Media and Parcast.
If confirmed, Spotify is set to join a growing list of tech companies, big and small, making notable workforce reductions – plans to let go of 10,000 employees by Microsoft (NASDAQ:) and 12,000 people by Google (NASDAQ:) were revealed in the past week alone.
SPOT is holding about 3% higher in Monday’s pre-market session. The stock is up over 19% YTD.
