Trending: Spotify Shares Rise, Company Lays Off 1,500

1354 EST -- Spotify is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Spotify shares rose 7.6% in Monday afternoon trading following news it would lay off about 1,500 employees as it works to accelerate profitability. The audio streaming company announced the job cuts to staff on Monday, its third round of layoffs this year, The Wall Street Journal reported. The company expects to take up to about $157 million in charges during the final quarter of the year as a result of the layoffs. Despite efforts to reduce costs, Chief Executive Daniel Ek said Spotify is still spending too much money, and has been squeezed by slower economic growth as well as interest-rate increases that have made it more expensive to borrow, he said. Dow Jones & Co. owns Factiva. (matthew.walker@dowjones.com)

(END) Dow Jones Newswires

December 04, 2023 14:10 ET (19:10 GMT)

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