Music streaming site, Spotify has said it would cut the number of its employees by around 17% in a bid to streamline costs amid dramatically slower economic growth.
Spotify in October posted a rare quarterly operating profit of 32 million euros, compared to a loss of 228 million for the same period a year earlier, on the back of 26% growth in active users for the third quarter.
It comes as a shock just as Chief Executive, Daniel Ek also admitted to, given the recent positive earnings report.
In 2017, the company had around 3,000 staff members, more than tripling the figure to around 9,800 at the end of 2022.
