Thousands of Amazon employees will be out of a job 0:49
(CNN) --
Spotify announced Monday that it will cut 6% of its global workforce to cut costs, joining tech companies such as Amazon and Microsoft in cutting staff amid a slowing global economy.
In a letter to employees posted on the company's website, company CEO Daniel Ek took full responsibility for the downsizing, calling it "difficult but necessary."
"Like many other leaders, I hoped to sustain the strong tailwinds of the pandemic and believed that our large global business and lower risk of the impact of a slowdown in ads would insulate us. In hindsight, I was overambitious in investing ahead of growth. of our income," he said.
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The Stockholm-based music streaming company had some 9,800 employees worldwide as of September 30.
Spotify