"Spotify's Third Round of Layoffs: 1500 Jobs Cut"

Spotify, the music streaming giant, announced that it will lay off around 1,500 employees, or 17% of its workforce, in an effort to reduce costs. This comes after the company laid off 600 employees in January and 200 more in June. Spotify's CEO, Daniel Ek, stated that the company hired more in 2020 and 2021, but much of the increased output was linked to having more resources. The layoffs are expected to result in charges of approximately 130 million euros to 145 million euros in the fourth quarter. Spotify's shares were 0.4% higher after the announcement.