Technology

The most recent round of tech layoffs includes Spotify

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The 10,000-person workforce of Swedish music streaming giant Spotify will be reduced by 6%, it has announced, citing the need to increase productivity.

Daniel Ek, the company’s CEO, admitted on the blog that he had been “too ambitious in investing ahead of our revenue growth.”

Despite being widely used in the online music industry, Spotify has never recorded a full-year net profit.

It comes after Microsoft and Alphabet’s losses were disclosed last week.

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