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Spotify is being hammered for wrapping 2023 with big layoffs just before Christmas<!-- wp:html --><p>Spotify recently sent this year's Wrapped to users.</p> <p class="copyright">Spotify</p> <p>Spotify is laying off close to a fifth of its workforce just ahead of the holiday season.Users on X are mocking the company's timing with its signature Spotify Wrapped style."That puts you in the top 3% of biggest layoffs this year from a tech company," one user quipped.</p> <p><a target="_blank" href="https://www.businessinsider.com/what-led-spotify-success-music-industry-50-billion-valuation-2021-4" rel="noopener">Spotify</a> started the week by cutting about 1,500 jobs, or 17% of its workforce.</p> <p>"I realize that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance," <a target="_blank" href="https://www.businessinsider.com/spotify-layoffs-read-memo-ceo-sent-employees-announcing-cuts-2023-12" rel="noopener">CEO Daniel Ek</a> wrote in a memo posted online and sent to employees on Monday.</p> <p>The layoffs come despite Spotify reporting its first <a target="_blank" href="https://newsroom.spotify.com/2023-10-24/spotify-reports-third-quarter-2023-earnings/" rel="noopener">quarterly profit</a> in a year in October — and less than a month before the Christmas holidays. Its timing is now being mocked by users on X.</p> <div class=""> <p>Daniel Ek's spotify wrapped <a href="https://t.co/JdijuE2ko4">pic.twitter.com/JdijuE2ko4</a></p> <p>— Roshan Patel (@roshanpateI) <a href="https://twitter.com/roshanpateI/status/1731768207139107143?ref_src=twsrc%5Etfw">December 4, 2023</a></p></div> <p>"You cut 25% of your workforce this year! That puts you in the top 3% of biggest layoffs this year from a tech company," wrote Roshan Patel on a post titled "Daniel Ek's Spotify Wrapped."</p> <p>It's the third time Spotify has cut jobs this year, according to <a target="_blank" href="https://layoffs.fyi/" rel="noopener">Layoffs.fyi</a>. The company reduced <a target="_blank" href="https://www.businessinsider.com/spotify-layoff-employees-jobs-reduce-costs-daniel-ek-2023-1" rel="noopener">its workforce by 6%</a> in January, followed by an additional 2% in June.</p> <p>Another X user, @digi_chad42069, shared a video mocking the timing of the layoffs: "2023 was a feast for your shareholders. You laid off 17% of your employees a few weeks before Christmas LMAO."</p> <div class=""> <p>The most played thing this year was the Spotify employee who worked tirelessly on Spotify Wrapped 2023 before getting laid off the following Monday <a href="https://t.co/JjBfzuBD2N">pic.twitter.com/JjBfzuBD2N</a></p> <p>— digital_chadvertising🍪 (@digi_chad42069) <a href="https://twitter.com/digi_chad42069/status/1731725836477473244?ref_src=twsrc%5Etfw">December 4, 2023</a></p></div> <p>In mock Spotify Wrapped-style, the video quipped "Your top layoffs: Marketing, because fuck'em," and "Your top reasons: 1) We over-hired."</p> <p>The video then ends with a message to fired employees: "That's better. Now turn in your badge. That was fun. Remember, we're like a family."</p> <p>Spotify stock closed 7.5% higher on Monday after announcing the layoffs and is up 137% this year, valuing the company at almost $38 billion. </p> <p>It reported a third-quarter operating profit of 32 million euros ($34.7 million) and an increase in paying subscribers to 226 million.</p> <div class="read-original">Read the original article on <a href="https://www.businessinsider.com/spotify-wrapped-2023-layoffs-before-christmas-2023-12">Business Insider</a></div><!-- /wp:html -->

Spotify recently sent this year’s Wrapped to users.

Spotify is laying off close to a fifth of its workforce just ahead of the holiday season.Users on X are mocking the company’s timing with its signature Spotify Wrapped style.”That puts you in the top 3% of biggest layoffs this year from a tech company,” one user quipped.

Spotify started the week by cutting about 1,500 jobs, or 17% of its workforce.

“I realize that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance,” CEO Daniel Ek wrote in a memo posted online and sent to employees on Monday.

The layoffs come despite Spotify reporting its first quarterly profit in a year in October — and less than a month before the Christmas holidays. Its timing is now being mocked by users on X.

Daniel Ek’s spotify wrapped pic.twitter.com/JdijuE2ko4

— Roshan Patel (@roshanpateI) December 4, 2023

“You cut 25% of your workforce this year! That puts you in the top 3% of biggest layoffs this year from a tech company,” wrote Roshan Patel on a post titled “Daniel Ek’s Spotify Wrapped.”

It’s the third time Spotify has cut jobs this year, according to Layoffs.fyi. The company reduced its workforce by 6% in January, followed by an additional 2% in June.

Another X user, @digi_chad42069, shared a video mocking the timing of the layoffs: “2023 was a feast for your shareholders. You laid off 17% of your employees a few weeks before Christmas LMAO.”

The most played thing this year was the Spotify employee who worked tirelessly on Spotify Wrapped 2023 before getting laid off the following Monday pic.twitter.com/JjBfzuBD2N

— digital_chadvertising🍪 (@digi_chad42069) December 4, 2023

In mock Spotify Wrapped-style, the video quipped “Your top layoffs: Marketing, because fuck’em,” and “Your top reasons: 1) We over-hired.”

The video then ends with a message to fired employees: “That’s better. Now turn in your badge. That was fun. Remember, we’re like a family.”

Spotify stock closed 7.5% higher on Monday after announcing the layoffs and is up 137% this year, valuing the company at almost $38 billion.

It reported a third-quarter operating profit of 32 million euros ($34.7 million) and an increase in paying subscribers to 226 million.

Read the original article on Business Insider

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