Spotify to slow hiring by 25%
Other companies including Meta, Twitter, Intel and Uber are pausing hiring
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Spotify will slow its hiring by 25% as the music streaming giant has warned of increasing economic uncertainty across the globe.
Spotify CEO Daniel Ek told staff in an email on Wednesday that the company will "continue to still hire and grow," but emphasized it would be "a bit more prudent with the absolute level of new hires over the next few quarters."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPOT | SPOTIFY TECHNOLOGY SA | 470.77 | +0.54 | +0.11% |
"We are clearly aware of the increasing uncertainty regarding the global economy," Spotify Chief Financial Officer Paul Vogel said during last week's investor day presentation. "And while we have yet to see any material impact to our business – we are keeping a close eye on the situation and evaluating our headcount growth in the near term."
As of the end of March, Spotify had 8,230 full-time employees globally.
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Spotify's move comes after Meta Platforms began pausing hiring for most mid-to-senior level positions in May in response to a slowdown in revenue growth.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 561.44 | -4.08 | -0.72% |
| TWTR | NO DATA AVAILABLE | - | - | - |
| INTC | INTEL CORP. | 24.64 | +0.62 | +2.60% |
Twitter also said it would pause most hiring and backfills ahead of the possible closing of Tesla CEO Elon Musk's $44 billion acquisition, and Intel Corp. said it would temporarily freeze hiring in its unit responsible for PC desktop and laptop chips.
In addition, Uber CEO Dara Khosrowshahi said the ride-hailing giant would "treat hiring as a privilege" and be deliberate about when and where it grows its headcount.
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Meanwhile, IBM and Microsoft announced plans to lay off hundreds of employees in Russia as they wind down or scale back their operations in Russia.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 413.11 | -1.55 | -0.37% |
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 222.04 | +7.43 | +3.46% |
| COIN | COINBASE GLOBAL INC. | 307.19 | -12.81 | -4.00% |
| NFLX | NETFLIX INC. | 896.75 | +12.90 | +1.46% |
| TSLA | TESLA INC. | 341.52 | -0.51 | -0.15% |
| HOOD | ROBINHOOD MARKETS INC. | 35.83 | -0.26 | -0.71% |
| RDFN | REDFIN CORP. | 8.16 | +0.20 | +2.45% |
| SFIX | STITCH FIX INC. | 4.18 | +0.30 | +7.64% |
| CVNA | CARVANA CO. | 249.42 | +5.04 | +2.06% |
Other companies that have announced layoffs include cryptocurrency exchanges Coinbase and Gemini, Ikea, Netflix, Tesla, Redfin, Stitch Fix, Robinhood Markets Inc. and Carvana.