Monitoring Desk
STOCKHOLM: The music giant of Sweden, Spotify said on Monday that it was cutting six percent of its roughly 10000 employees, the latest downsizing announcement among technology companies.
The company’s chief executive Daniel Ek said that he was too ambitious in investing ahead of revenue growth and it led the company to reduce its employee base by about six percent.
Spotify CEO accepts responsibility
He accepted full responsibility for his current position at Spotify.
The company, which is listed on the New York Stock Exchange, has invested massively since its establishment to fuel growth with expansion into a new market.
In later years, it also invested in exclusive content like podcasts.
