Spotify plans to reduce its number of employees by 17% to cut costs due to slower economic growth. Despite a recent positive earnings report and growth in active users, CEO Daniel Ek stated that the company’s cost structure is still too big. Spotify previously invested heavily in team expansion, content enhancement, marketing, and new verticals, but now finds itself in a different environment. The company has never posted a full-year net profit and has only occasionally achieved quarterly profits.
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