Hundreds of Spotify staff stream out the door in latest layoffs
to Spotify staff, Ek said he had hoped"strong tailwinds" from the COVID-19 pandemic and Spotify's"broad global business" would insulate the company from ad spending slowdowns.
That hasn't been the case, though. Ek said Spotify's operating expenses outpaced revenue growth by a factor of two last year. "In hindsight, I was too ambitious in investing ahead of our revenue growth… I take full accountability for the moves that got us here today," Ek said. His letter didn't include plans to step down.
Employees being fired in the cuts were scheduled to find out"over the next several hours," Ek said, in one-on-one meetings with supervisors. Those being terminated will get five months of severance pay and healthcare coverage, will be paid for all accrued and unused vacation time, and get two months of career assistance. Foreign workers on a visa will get specialized support from Spotify as well, the company said.
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