SPOTIFY JUMPS AFTER SAYING IT WILL CUT 17% OF WORKFORCE

Summary from the TLDR newsletter

Spotify is laying off 17% of its workforce to reduce costs and adjust for a slowdown in growth. News of the layoffs sent Spotify shares up more than 7%. Spotify says it took on too many employees over 2020 and 2021. The company reported a 65 million euro profit for the third quarter. The layoffs could supply a nearly 2% reduction in operating expenses in 2024.