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Spotify CEO Daniel Ek surprised by how much laying off 1,500 employees negatively affected the streaming giant’s operations

When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.

The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.

However, the company failed to hit its guidance on profitability and monthly active user growth.

Edit: Thanks to @Zerlyna@lemmy.world for the paywall-free link: https://archive.ph/wdyDS

156 comments
  • December 2023:

    “Economic growth has slowed dramatically and capital has become more expensive. Spotify is not an exception to these realities,” Ek wrote in a letter to staff posted to the company’s website.

    Today

    The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.

  • gonna just go ahead and guess the shithead didn't start carrying the pager after the layoffs.

  • Wow, who knew they were all people doing something, rather than suckling on your precious Wealth Creator teat?

    Here's another money saving suggestion, go without fire extinguishers and alarms. They're sitting around doing nothing all day!

156 comments