Happy December staff members of Spotify, thanks for all the hard work this year however because our financial goals don’t align with our current spending - 17% of you will be axed. Now before anyone complains we will be giving 5 months of severance, your PTO (paid time off) will be paid out in full .. provided you haven’t used it all!
We will be covering your healthcare for the severance period .. sucks if you’re a new hire huh and those looking to be out placed or have visa dependant positions .. we will point you in the right direction, away form our offices..
That show I imagine it plays out, but I am sure its don’t with tact and grace and all the bandaids they can come up with and yeah sure the severance is nice 5 whole months… but you jerks just announced this
The company reported third-quarter revenues rising 11% to $3.6 billion, and operating income of around $34 million. The company also added 23 million monthly active users, rising to 574 million year over year, with paid subscribers rising by 6 million, or 16%.
Total revenue rose 11% to $3.57 billion from $3.2 billion.
CEO Daniel Ek and chief financial officer Paul Vogel said third quarter is traditionally one of the year’s slower ones, and they expect gross margins to improve in 2024.
This was last month, now we doubling down and dropping staff, I know nothing, nothing about financial side to companies but the company’s reported worth this time last year was about 15 billion freedom dollars, its now in the realms of 34-35 billion freedom dollars, that’s a lot of freedom and a lot of dollars
Layoffs always suck and I of course would encourage layoffs in a scenario where it meant some go vs everybody go - but this Is not the case, just suits wanting mo money, mo money
Story has started to pick up with other tech sites https://www.theverge.com/2023/12/4/23987335/spotify-layoffs-17-percent-profitability-cost-cutting