Swedish audio streaming giant is reportedly planning job cuts following recent layoffs at Apple, Google, Microsoft and Amazon.
Spotify Technology, the Swedish audio streaming giant, is preparing to announce layoffs as early as this week, Bloomberg News reports, adding to an industry-wide carnage that has cost thousands of jobs at Apple, Google, Microsoft and Amazon.
The number of jobs being considered at the popular streaming service is not clear, Bloomberg reported Monday, citing unnamed people familiar with the matter.
In October, Spotify, which has about 9,800 employees, let go 38 employees of its podcast studios Gimlet Media and Parcast.
Spotify, which saw its share price fall 66 percent last year, did not immediately respond to a request for comment.
Tech companies have cut thousands of jobs over the past year as declining ad revenue and fears of a recession prompted reassessments of the workforce that exploded during the COVID-19 pandemic.
In recent weeks, Google parent Alphabet, Microsoft and Amazon have laid off a combined 40,000 employees, after Meta and Twitter combined to cut more than 18,000 employees late last year.
Smaller technology players such as UK-based cybersecurity firm Sophos and cryptocurrency players such as Coinbase have also announced cuts of up to 20 percent of their workforce.
According to data collected by the Layoffs.fyi website, more than 55,000 tech workers worldwide have been laid off so far by 2023.