After recent layoffs at Apple, Google, Microsoft, and Amazon, the Swedish audio streaming giant is reportedly preparing to make some cuts to its workforce.
According to Bloomberg News, the Swedish audio streaming giant Spotify Technology is getting ready to announce layoffs as soon as this week, adding to the industry-wide carnage that has already cost thousands of jobs at Apple, Google, Microsoft, and Amazon.
Unnamed sources familiar with the situation told Bloomberg on Monday that it is unclear how many positions at the well-known streaming service will be eliminated.
In October, Spotify, which has about 9,800 employees, let go of 38 employees from its podcast studios Gimlet Media and Parcast.
Spotify, which saw its share price plunge 66 per cent last year, did not immediately respond to a request for comment.
Tech firms have cut thousands of jobs in the last year as slowing advertising revenues and recession fears prompt reassessments of headcounts that ballooned during the COVID-19 pandemic.
In recent weeks, Google parent Alphabet, Microsoft and Amazon have let go of a combined 40,000 employees, after Meta and Twitter cut more than 18,000 staff combined late last year.
Smaller tech players such as UK-based cybersecurity firm Sophos and cryptocurrency players such as Coinbase have also announced job cuts affecting up to 20 percent of their workforce.
More than 55,000 tech employees worldwide have been laid off during 2023 so far, according to data collected by the Layoffs.fyi website.