Spotify Technology (SPOT) is planning to announce staff cuts this week as the audio streaming company looks to reduce costs in the face of weakening demand.
Spotify is the latest technology company to reduce its headcount.
In recent weeks, tech giants such as Alphabet (GOOGL), Amazon (AMZN) and Microsoft (MSFT) have also announced thousands of job cuts as they prepare for an economic slowdown.
Technology companies are trying to right size their operations after a demand boom seen during the COVID-19 pandemic has decelerated.
In the last few weeks, Google parent company Alphabet said it would eliminate 12,000 jobs, while Microsoft eliminated 10,000 positions, and Amazon cut more than 18,000 staff.
Spotify has not said how many jobs it plans to cut, but an announcement on the workforce reduction is expected this week.
Spotify’s stock is down 49% over the last 12 months and currently trading at $97.91 U.S. per share.
