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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Spotify Technology SA | NYSE:SPOT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 321.28 | 10 | 09:44:18 |
From Jun 2023 to Jun 2024
By Denny Jacob
Spotify shares rose 8.1% to $195.30 following news it would lay off about 1,500 employees as it works to accelerate its profitability push.
The stock has more than doubled on the year.
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 in a letter to staff that Spotify is still spending too much money. The audio streaming company has been squeezed by slower economic growth as well as interest-rate increases that have made it more expensive to borrow, he said.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 04, 2023 11:00 ET (16:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
1 Year Spotify Technology Chart |
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