Spotify CEO is shocked by negative impact of recent layoffs [Yahoo! Finance]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Yahoo! Finance
During a recent earnings call discussing Spotify's first-quarter earnings for 2024, Ek claimed that the decision to lay off 17% of the company's workforce negatively affected day-to-day operations more than expected. “Another significant challenge was the impact of our December workforce reduction,” said Ek during the call. “Although there's no question that it was the right strategic decision, it did disrupt our day-to-day operations more than we anticipate. It took us some time to find our footing, but more than four months into this transition, I think we're back on track.” Related: Stellantis uses sneaky new tactic to lay off corporate employees Spotify revealed in its first-quarter earnings report this year that its free cash flow of €207 million ($221 million) was “partially offset” by the severance payments the company had to make to employees following its December layoffs. The company also reported that it garnered $3.63 billion in revenue during the first quarter of
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