Spotify cuts hiring of specialists: reasons

Spotify Technology SA will slow hiring by 25%. This year, the company's shares fell by more than half, writes Bloomberg.

Glavneaudioservice will reduce total hiring by a quarter. Spotify actively hired employees from 2019 to 2021 — during this period, the staff increased by 2,000 specialists, while the company employed a total of 6,617 specialists at the end of last year. In 2022, Spotify shares fell by more than 50%. Details

Inflation and higher interest rates have led to growing concerns about the economic downturn in the corporate world. Shares of technology companies are particularly affected. Against this background, Tesla and other technology giants have already decided to reduce hiring.

Spotify lost ринкової 2 billion in market value even before the overall new market crisis. This was due to the scandal after the release of comedian Joe Rogan's podcast with a scientist who criticized mass vaccination against COVID-19.

DOU wrote about what it's like to work at Spotify here.

And read about what Ukrainian FAANG employees say about the crisis and cuts in American IT here.