Spotify CEO says layoffs brought 'more' disruption than expected but were 'right strategic decision' [FOX Business Network]
Spotify Technology S.A. Ordinary Shares (SPOT)
Last spotify technology s.a. ordinary shares earnings: 4/29 06:00 am
Check Earnings Report
Company Research
Source: FOX Business Network
Spotify CEO Daniel Ek on Tuesday acknowledged that layoffs the audio streaming giant implemented in December affected production in the company's first quarter. Ek described the job cuts on Spotify's earnings call as a "significant challenge" that the Sweden-based company contended with. "Although there's no question that it was the right strategic decision, it did disrupt our day-to-day operations more than we anticipated," he said. Spotify's layoffs in December affected roughly 1,500 workers, or 17% of the company's total workforce. Ek told employees in December that the workforce reduction was meant to "align Spotify with our future goals and ensure we are right-sized for the challenges ahead." He also said at the time that the company's cost structure "for where we need to be is still too big" despite other initiatives to reduce costs. Spotify The company had earlier cut about 800 jobs across two rounds of layoffs that occurred in January and June 2023, respectively,
Show less
Read more
Impact Snapshot
Event Time:
SPOT
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
|
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
|---|---|---|
|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
| Last Price | ||
| VWAP | ||
|
High:
|
Max Up |
High:
|
|
Low:
|
Max Down |
Low:
|
|
%
|
Post news range |
%
|
|
|
Price change |
|
|
|
Price Change Percentage |
|
|
|
S&P 500 (SPX) |
|
|
%
|
Volume ratio |
%
|
| Volume | ||
| Ticks | ||
|
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
SPOT alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
SPOT alerts
High impacting Spotify Technology S.A. Ordinary Shares news events
Weekly update
A roundup of the hottest topics
SPOT
News
- Peloton CEO announces departure with company to axe 15% of headcount, as embattled fitness unicorn continues to lose pace [Fortune]Fortune
- Peloton CEO McCarthy stepping down; firm cutting 15% of jobs [BNN Bloomberg (Canada)]BNN Bloomberg
- Audible to test using Prime Video data for audiobook recommendations as Spotify competition heats up [TechCrunch]TechCrunch
- Spotify Technology (SPOT) is Attracting Investor Attention: Here is What You Should Know [Yahoo! Finance]Yahoo! Finance
- Volumio Motivo Brings Italian Design To Music Streaming Technology [Forbes]Forbes
SPOT
Earnings
- 4/23/24 - Beat
SPOT
Sec Filings
- 4/29/24 - Form 144
- 4/26/24 - Form 144/A
- 4/26/24 - Form 144
- SPOT's page on the SEC website