In response to a question about how they plan to keep operating expenses (“op-ex”) efficient while still having the right level of investment, Ek spoke of the company’s growth during the pandemic before conceding, “We probably got a little bit ahead of ourselves in that investment, so we’ve rightsized our staff. “We invested on the backdrop of all the amazing indicators that we saw, and that translated really well into subscriber growth,” he continued. “We feel really good about those investments, but we obviously got ahead of ourselves a little bit, so we’re going to stay steady on the op-ex investments we’ve made.” The hint about layoffs came next when Vogel responded, “Q2 was last quarter where we had headcount higher year over year, and we expect our year over year headcount to be down in Q3 — we’ll see where that goes going forward,” he said. “We’re continuing to be more efficient and feel really good about where we are, so you will see some of that efficiency have even more of an impact in the back half of the year with respect to the op-ex.” A rep for the company said the remark may have been intended to reflect the layoffs earlier in the year, rather than new ones, but did not have further comment. https://variety.com/2023/music/news/spotify-layoffs-earnings-call-1235679501/ #spotify #eu #layoff #layoffs #rif #jobcuts #sweden #nyctech #nyc
But I’m interviewing with them…
Better chance of not getting laid off there than at Lyft tho
I’m already laid off 🥲
Sounds like natural attrition can take care of it without layoffs. Lazy analysts love sensational headlines!
They were hiring at pace again and are increasing their subscription fee by £1 per month. I wonder why they were hiring so many folks again though?
Amazon Music is such good value
How so?
How’s the mood overall at the company after the recent earnings call? I’m talking to them for a DS role in their ads org and now I’m concerned about potential layoffs in Q3.
I am in middle of interviewing . Should I reconsider ?
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But they’re raising the price of my family plan.
They want your money but don't want to hire more people to make the services better.