Bloodbath in tech sector continues as Spotify plans layoffs to cut costs amid financial stress
Spotify plans layoffs as early as this week
Audio streaming company Spotify has announced plans to lay off an unspecified number of employees as early as this week, as per a report by Bloomberg. The company, which currently employs 9,800 employees, fired 38 people from its Podcast wing last October. The development comes as the company finds itself mired in financial stress. Spotify’s shares tumbled 66 per cent last year. It made massive investments worth over a billion dollar in podcasting but is yet to gain returns. In June, the company’s executives said Spotify will become profitable within the next one or two years.
Watch:2022: A year of layoffs - Edge News
Spotify layoffs: The company follows in the footsteps of Google, Microsoft and Twitter
Spotify is not the only company to announce layoffs in the troubled tech sector. Last week, Google announced it was laying off 6 per cent of its workforce, which roughly accounts for 12,000 employees. Facebook last year laid off 11,000 employees. Twitter also fired 70 per cent of its workforce after American billionaire Elon Musk’s takeover. The company is now left with only 2300 employees.
Firing spree across the tech sector
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Over 91 tech firms, including Amazon, Salesforce and Coinbase, have fired more than 24,000 employees in the first 20 days of January alone. In 2022, a total of 153,000 employees were let go by Meta, Nvidia, Snap, Uber and Intel. The layoff spree reached its peak in November last year when the tech firms laid a whopping 51,000 employees in a single month.
Also Read |Google joins layoff spree, slashes 12000 jobs across world, offers 16 weeks' severance pay
Tech firms added to their headcount during the pandemic. But given the shaky start this year, a host of companies may also announce mass layoffs to cut costs and boost profits.
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