In a latest job cut incident in the tech industry, Swedish music-streaming giant Spotify says it will cut 6% of its about 10,000 employees, citing a need to improve efficiency.
“In hindsight, I was too ambitious in investing ahead of our revenue growth,” boss Daniel Ek wrote on the company’s blog.
Spotify has never posted a full-year net profit, despite its popularity in the online music market, BBC reports.
It follows last week’s announcements of losses at Microsoft and Alphabet. Alphabet, which owns Google, said it would shed 12,000 jobs, while Microsoft said up to 11,000 employees would lose their jobs.
“I take full accountability for the moves that got us here today,” Mr Ek added.
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The company also said its chief content and advertising business officer, Dawn Ostroff, would depart as part of a broader reorganisation.