LONDON (AP) – Music streaming service Spotify said Monday it’s cutting 6% of its global workforce, or about 600 jobs.
It’s yet another tech company forced to rethink its pandemic-era expansion as the economic outlook weakens.
CEO Daniel Ek announced the restructuring in a message to employees that was also posted online Monday.
He said the company’s operating costs last year grew at double its revenue growth and that it has tried hard to rein in costs but “it simply hasn’t been enough.”
Ek said he took “full accountability for the moves that got us here today.”