- Spotify Technology S.A. (NYSE:SPOT) slowed hiring by 25%, CNBC reports based on a companywide email from CEO Daniel Ek.
- However, he added the company would “continue to still hire and grow, we are just going to slow that pace and be a bit more prudent with the absolute level of new hires over the next few quarters.”
- Spotify had ~8,230 employees globally at Q1-end.
- Also Read: Alibaba Continues Organizational Restructuring, Global Diversification To Beat Regulatory Crackdown Blues
- Previously, during an investor conference, CFO Paul Vogel alerted about monitoring the global economy and evaluating its headcount growth in the near term.
- Spotify had also predicted that its investments in podcasting and audiobooks would fuel growth over the next decade, Reuters reported.
- Streaming giants like Netflix, Inc (NASDAQ:NFLX), which had a great run during the pandemic, are now facing the heat following recovery and surging inflation rates which have restricted consumer spending.
- Several big names, from PayPal Holdings, Inc (NASDAQ:PYPL), Warner Bros. Discovery, Inc (NASDAQ:WBD) to Alibaba Group Holding Limited (NYSE:BABA), have undergone significant restructuring to beat the macro uncertainties.
- Wells Fargo analyst Steven Cahall upgraded his rating on Spotify subject to certain conditions.
- Price Action: SPOT shares closed higher by 7.4% at $105.31 on Wednesday.
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