Popular global audio streaming service, Spotify Technology Chief Executive Officer Daniel Ek has informed the staff that the company will reduce its hiring by 25%.
Daniel said, “Spotify would reduce hiring growth by 25%. The company would continue to still hire and grow, we are just going to slow that pace and be a bit more prudent with the absolute level of new hires over the next few quarters.”
Spotify Chief Financial Officer Paul Vogel said the company was watching the uncertainty in the global economy during an investor conference earlier this month. Although it had yet to see a material impact on business, he said, We are keeping a close eye on the situation and evaluating our headcount growth in the near term.
The company added more than 2,000 employees between the years 2018 and 2021 for a total of 6,617 at the end of last year.
Spotify offered investors an upbeat assessment of its business, predicting that its investments in podcasting and audiobooks would fuel growth over the next decade.
Shares of the Stockholm-based company reached a session high shortly after Reuters and other media reported the news and were last up 7.1%.