Tech companies are not done firing people if the current wave of news is anything to go by.
According to a report by Bloomberg, music streaming platform Spotify is prepping to lay off a number of its workers.
This could happen as soon as this week.
If that happens, then Spotify will join the likes of Google, which fired 12K people this last week. Microsoft also did the same after it let go of 10K of its employees.
Amazon will, at the time the exercise ends, fire 18K workers.
The exact amount of job cuts has not been specified by the company, but 38 staff members were let go from Gimlet Media and Parcast podcast studios by Spotify in October. The company has a total of approximately 9,800 employees, as reported in its Q3 earnings statement.
During the pandemic, tech firms increased their workforce, but due to decreased advertising income and uncertain economic conditions, they were compelled to make cuts to their staff.
Only a bunch of companies, including Apple, slowed their hiring process during that time. Apple is also one of the few tech corporations that have not announced any plans to lay off a section of their workers.
Starting in 2019, Spotify made a significant investment in podcasting, spending over one billion dollars on acquiring podcast networks, production tools, a hosting service, and obtaining rights to well-known shows such as The Joe Rogan Experience and Armchair Expert.
It has not officially clarified details about the layoff plans, but that is a development that will be revealed in the coming days.
