BEIJING, June 16 (Reuters) – Streaming music giant Spotify will cut hiring by 25 percent, becoming the latest tech company to cut spending amid economic uncertainty, people familiar with the matter said.
Spotify CEO Daniel Ek emailed employees on Wednesday that the company would continue to hire, but at a slower pace and “more cautiously” in the coming quarters. Spotify says,It has approximately 8,230 employees worldwide. Shares of Spotify were up more than 7% as of Wednesday’s close.
Spotify CFO Paul Vogel had warned the investment community at an investor conference earlier this month that the company was monitoring the global economy. While Vogel has yet to see a significant impact on the company’s business, he said, “We are monitoring the situation closely and assessing headcount growth in the near term.”
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