There are massive layoffs in Silicon Valley these days. Just last week, Microsoft announced that it was cutting 10,000 jobs across categories. Shortly after, Sundar Pichai, CEO of Google and Alphabet Inc, announced that the company was cutting 12,000 jobs. Now news is coming that another tech giant is planning to announce massive layoffs.
According to a report from Bloomberg, Spotify could announce massive layoffs as soon as this week. However, the exact number of jobs the audio-giant is likely to cut is not yet clear.
Notably, Spotify laid off around 38 employees from its in-house studios Gimlet and Parcast Podcast studios in October 2022. The company reportedly spun off 11 original podcasts from its in-house studios as a part of the cost-cutting measure. At the time, less than 5 percent of the company’s employees on the original podcast were either laid off or reassigned to the new show, leaving about 9,800 employees as of the company’s third-quarter earnings report.
Now, the company is reportedly planning to further reduce its head-count. However, it is yet to comment on the matter.
Spotify is expected to have over 433 million monthly active users (MAUs) in 2022.
Tech companies significantly increased their workforce during the pandemic. However, they have been forced to reduce their workforce over the last few months due to a decrease in advertising revenue and uncertain economic conditions. Apart from Microsoft and Google, other tech giants including Meta, Twitter and Amazon have also significantly reduced their workforce.
Amazon has said it is cutting 18,000 jobs, with software maker Salesforce laying off about 9,000 employees. Similarly, Facebook announced last year that it was cutting around 11,000 jobs, which is around 11 per cent of its total global workforce. On the other hand, Twitter has been continuously cutting jobs since Elon Musk took over the company. As per reports, the company has so far cut over 3,700 jobs from its workforce.
Similarly, Coinbase has reportedly cut over 2,000 jobs, while DoorDash has cut over 1,200 jobs. Additionally, the report also states that Cisco has cut more than 4,000 jobs, while Snap Inc. has cut more than 1,200 jobs so far, says Crunchbase.
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