Spotify has become the latest company in the technology sector to announce major job cuts, with up to 6% of its workforce in the coming months.
The Sweden-based US-listed music streaming firm said its chief content officer Don Ostroff will leave the business in a wider shake-up of its operations.
The number of departing employees will total around 600 – based on the company’s last official count.
Spotify said it had to take a severance charge of between €35m (£30.7m) and €45m (£39.6m).
Shares rose more than 4% in premarket trading.
It is the latest household name to try to cut jobs and save cash as the global economy comes under severe pressure from the war on Russia. Ukraine.
The attack, last February, added pressure to global supply chains as it forced up costs Inflation – and rising interest rates to help deal with price pressures – falling demand among consumers and business users alike.
Fears of recession in the world’s largest economy remain.
Companies such as Spotify, Google’s parent firm Alphabet and Facebook’s Meta have each reported significant advertising revenue declines.
Spotify said in October that it would reduce hiring for the rest of the year and into 2023.
Microsoft Last week was the latest to reveal massive layoffs of 10,000 people.
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