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Daniel Ek, founder of Spotify $SPOT-1.5%, announced that due to slower economic growth and a more difficult market, Spotify will lay off 17% of its workforce, roughly 1,500 people.

$293.58 -$4.50 -1.51%
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In an open letter to employees, Daniel Ek described the situation Spotify has found itself in and why it is making this significant reduction. In short: the capital available is no longer as cheap as in previous years, when the company recruited a lot of new reinforcements, and now its costs are prohibitive. I wonder what effect this will have on the stock. It's going to be quite a bit of cost cutting.

I use Spotify daily, but I'm unsure about the stocks.

We have the same:)

I'm not attracted to their sketch yet, you have to do something much better

Interesting news, I'm not invested, but I keep an eye on the stock as Spotify is great for me to use for music and I listen to the occasional podcast there.

I also use Spotify, the shares are orp me but a nut. Apparently the company is not doing so well

Well that negative P/E is quite a lot and the price is high, as I'm waiting to buy too.

As you write, I'm curious how this will affect the stock price.

The cost reduction should be positive, but the layoffs are usually more negative.

The movement on the chart will be of enough interest to me as a daily user :)