In a series of layoffs in the tech industry, Spotify Technology recently announced plans for cuts as soon as this week to reduce costs, Bloomberg News reported on Sunday. The company now joins the links of Alphabet Inc (Google), Amazon and Microsoft Corporation, who have cut thousands of jobs recently.
Although it was not specified how many jobs will be affected, the report cited sources, and Spotify has yet to comment on this matter.
Various tech firms shed jobs last year as a demand boom during the pandemic rapidly fizzled due to inflation. Layoffs have continued at the beginning of this year, with companies looking to rein in costs to ride out the economic downturn.
Aside from Spotify, in the last few weeks, Google's parent company, Alphabet, said it would eliminate 12,000 jobs, while Microsoft Corporation reported it would eliminate 10,000. Subsequently, Amazon's layoff round will impact more than 18,000 roles.
The round of layoffs in tech and software started last year with Facebook-parent Meta and Elon Musk's Twitter cutting off thousands of jobs in a bid to save company losses.
