Spotify (SPOT) said Monday that it will cut 6% of its workforce to reduce costs, joining tech companies including Amazon (AMZN) and Microsoft (MSFT) in slashing headcount as the global economy slows.
In a letter to employees posted on the company’s website, CEO Daniel Ek took full responsibility for the job cuts, which he called “difficult but necessary.”
“Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. In hindsight, I was too ambitious in investing ahead of our revenue growth,” he said.
The Stockholm-headquartered music streaming business had about 9,800 employees globally as of September 30, according to an earnings report.