The company’s stock, which has nearly halved in value over the past 12 months, gained more than 4% in premarket trading in New York. The Stockholm-headquartered music streaming business had about 9,800 employees globally as of September 30, according to an earnings report. In hindsight, I was too ambitious in investing ahead of our revenue growth,” he said. “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 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.” (MSFT) in slashing headcount as the global economy slows. (SPOT) said Monday that it will cut 6% of its workforce to reduce costs, joining tech companies including Amazon
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