Trending: Spotify Joins Tech Layoff Wave

0453 GMT - Spotify Technology SA is among the most mentioned companies in the news over the past 12 hours, according to Factiva data, after saying it will cut about 6% of its workforce, or roughly 600 jobs. The streaming company also announced changes to its executive ranks, including the departure of its chief content officer, Dawn Ostroff. Spotify made "considerable effort" to rein in costs over the past few months, "but it simply hasn't been enough," Chief Executive Daniel Ek said in a note to staff. Spotify joins Google parent Alphabet Inc., Microsoft Corp., Amazon.com Inc. and others that have laid off staff recently as part of cost-cutting efforts. Spotify's move sent its U.S.-listed shares as much as 6.2% higher before closing at $99.94, up 2.1%. Dow Jones & Co. owns Factiva. (farah.elias@wsj.com)

(END) Dow Jones Newswires

January 24, 2023 00:08 ET (05:08 GMT)

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