The most recent round of tech layoffs includes Spotify

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. Google's parent company, Alphabet, announced that it would cut 12,000 jobs, and Microsoft said that up to 10,000 employees would lose their jobs. I fully accept responsibility for the actions that led to where we are now, Mr. Ek said. The business also announced that Dawn Ostroff, its chief content and advertising business officer, would leave as part of a larger reorganization. Invested a lot Spotify, which had about 9,800 full-time employees a year ago, stated that it anticipated severance-related costs to be at least €35 million (£30 million). Since its founding, the Swedish company, which is traded on the New York Stock Exchange, has made significant investments to fuel growth through forays into new markets and, in later years, with the creation of exclusive content like podcasts. The business had previously announced in October that it would reduce hiring through the end of the year and into 2023. After two years of pandemic-driven growth during which they hired aggressively, technology companies are currently experiencing a downturn, which is why Spotify made its announcement. In recent weeks, hundreds of people have disclosed layoffs, including some of the biggest names in the industry. Amazon announced at the beginning of this year that it would be laying off more than 18,000 employees due to "the uncertain economy" and a spike in hiring during the pandemic. Meta announced in November that it would lay off 11,000 workers, or 13% of its workforce.