Spotify to trim 6% of workforce in latest tech layoffs - Reuters

"Over the last few months we've made a considerable effort to rein in costs, but it simply hasn't been enough," Chief Executive Daniel Elk said in a blog post announcing the roughly 600 job cuts.

"I was too ambitious in investing ahead of our revenue growth," he added, echoing a sentiment voiced by other tech bosses in recent months.

Spotify's operating expenditure grew at twice the speed of its revenue last year as the audio-streaming company aggressively poured money into its podcast business, which is more attractive for advertisers due to higher engagement levels.

REUTERS/Dado Ruvic/IlustrationAt the same time, businesses pulled back on ad spending on the platform, mirroring a trend seen at Meta and Google parent Alphabet Inc(GOOGL.O), as rapid interest rate hikes and the fallout from the Russia-Ukraine war pressured the economy.

Ostroff helped shape Spotify's podcast business and guided it through backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19.

The company said it is appointing Alex Norström, head of the freemium business, and research and development boss Gustav Söderström as co-presidents.