- Spotify is laying off close to a fifth of its workforce just ahead of the holiday season.
- Users on X are mocking the company’s timing with its signature Spotify Wrapped style.
- “That puts you in the top 3% of biggest layoffs this year from a tech company,” one user quipped.
Spotify started the week by cutting about 1,500 jobs, or 17% of its workforce.
“I realize that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance,” CEO Daniel Ek wrote in a memo posted online and sent to employees on Monday.
The layoffs come despite Spotify reporting its first quarterly profit in a year in October — and less than a month before the Christmas holidays. Its timing is now being mocked by users on X.
“You cut 25% of your workforce this year! That puts you in the top 3% of biggest layoffs this year from a tech company,” wrote Roshan Patel on a post titled “Daniel Ek’s Spotify Wrapped.”
It’s the third time Spotify has cut jobs this year, according to Layoffs.fyi. The company reduced its workforce by 6% in January, followed by an additional 2% in June.
Another X user, @digi_chad42069, shared a video mocking the timing of the layoffs: “2023 was a feast for your shareholders. You laid off 17% of your employees a few weeks before Christmas LMAO.”
The most played thing this year was the Spotify employee who worked tirelessly on Spotify Wrapped 2023 before getting laid off the following Monday pic.twitter.com/JjBfzuBD2N
— digital_chadvertising🍪 (@digi_chad42069) December 4, 2023
In mock Spotify Wrapped-style, the video quipped “Your top layoffs: Marketing, because fuck’em,” and “Your top reasons: 1) We over-hired.”
The video then ends with a message to fired employees: “That’s better. Now turn in your badge. That was fun. Remember, we’re like a family.”
Spotify stock closed 7.5% higher on Monday after announcing the layoffs and is up 137% this year, valuing the company at almost $38 billion.
It reported a third-quarter operating profit of 32 million euros ($34.7 million) and an increase in paying subscribers to 226 million.
