Spotify is slowing hiring by 25%, CEO says

Spotify is slowing hiring by 25%, CEO says


Drew Angerer / Getty Images 

Spotify is slowing hiring by 25%, CEO Daniel Ek said in an email to employees on Wednesday.

It’s the latest signal that companies across tech, many of which grew significantly over the early stages of the pandemic, are cutting back on staff growth as economic uncertainty looms. While job growth across the economy has remained strong, there have been several high-profile hiring slowdowns or staff cuts in the tech sector in recent months, including layoffs at Coinbase and scaled-down recruitment at Facebook owner Meta.

The economic outlook remains unclear, driving some companies to slow down and take stock of their current staffing. Earlier this week, the S&P 500 fell into bear market territory, when stocks fall at least 20% below recent highs, and the Federal Reserve Wednesday announced a large interest rate hike to ease surging inflation.

“We are clearly aware of the increasing uncertainty regarding the global economy,” Spotify spokesperson Adam Grossberg said in a statement. “And while we have yet to see any material impact to our business – we are keeping a close eye on the situation and evaluating our headcount growth in the near term.”

In the email to employees, Ek said Spotify would “reduce hiring growth by 25%.” But he said 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.”

Grossberg declined to detail what the 25% reduction in hiring growth would entail.

—CNBC’s Steve Kovach contributed to this report.

Subscribe to CNBC on YouTube.

WATCH: Spotify says it will add content advisories to any material containing Covid-19 information



Source

Microsoft layoffs hit 830 workers in home state of Washington
Technology

Microsoft layoffs hit 830 workers in home state of Washington

Microsoft CEO Satya Nadella speaks at the Axel Springer building in Berlin on Oct. 17, 2023. He received the annual Axel Springer Award. Ben Kriemann | Getty Images Among the thousands of Microsoft employees who lost their jobs in the cutbacks announced this week were 830 staffers in the company’s home state of Washington. Nearly […]

Read More
CoreWeave is the first cloud provider to deploy Nvidia’s latest AI chips
Technology

CoreWeave is the first cloud provider to deploy Nvidia’s latest AI chips

Nvidia CEO Jensen Huang in Taipei, Taiwan, on June 2, 2024. Ann Wang | Reuters Nvidia’s Blackwell Ultra chips, the company’s next-generation graphics processor for artificial intelligence, have been commercially deployed at CoreWeave, the companies announced on Thursday. CoreWeave has received shipments of Dell-built shipments based around Nvidia’s GB300 NVL72 AI systems, Dell said on […]

Read More
IPO market gets boost from Circle’s 500% surge, sparking optimism that drought may be ending
Technology

IPO market gets boost from Circle’s 500% surge, sparking optimism that drought may be ending

Jeremy Allaire, CEO and co-founder of Circle Internet Group, the issuer of one of the world’s biggest stablecoins, and Circle Internet Group co-founder Sean Neville react as they ring the opening bell, on the day of the company’s IPO, in New York City, U.S., June 5, 2025. NYSE For over three years, venture capital firms […]

Read More