(CNBC) Spotify shares closed up more than 7% Monday after the music streaming service said it is laying off 17% of its workforce, in a dramatic move aimed at reducing its costs and adjusting for a slowdown in growth. In an email sent to staff, Spotify CEO Daniel Ek said that Spotify was taking “substantial action to rightsize our costs,” adding that the company took on too many employees over the years 2020 and 2021, when capital was cheap and tech companies could invest significant sums into team expansion.
Spotify jumps after saying it will cut 17% of workforce — read the full memo from CEO Daniel Ek
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