Spotify, the big music app from Sweden, is going to cut 1,500 jobs, which is about 17% of its workers. The CEO, Daniel Ek, said it was a tough decision because the company isn’t growing as fast as before.
Even though Spotify made a profit recently, they need to save money. The CEO thinks it’s a big move, especially after they already cut jobs earlier this year.
Spotify has been spending a lot of money to grow and get exclusive content, like podcasts by famous people. Now, they’re letting go of many employees to improve their money situation.
Other big companies like Amazon, Meta, and Microsoft are also cutting jobs. This shows that even though some tech companies are doing well, they still need to make changes.
The information comes from a news article by BBC.
https://www.bbc.com/news/business-67611361