Spotify to slow hiring by 25% amid economic uncertainty, shares rise 7.1%

Spotify Technology SA Chief Executive Officer Daniel Ek informed the staff via email on Wednesday that the audio streaming company would reduce its hiring by 25%, according to a source familiar with the contents of the email.

Ek said Spotify would continue hiring, though it would slow the pace “and be a bit more prudent” of over the next few quarters.

The world’s largest on-demand audio service has been on a hiring spree for years, adding more than 2,000 employees between 2019 and 2021 for a total of 6,617 at the end of last year.

Shares hit a session high shortly after Reuters and other media reported the news and were last up 7.1%.