Spotify is latest big tech company to slash jobs

Spotify said Monday it will lay off 6% of the music streaming company's workforce, making it the latest big technology company to announce a sizable reduction in payrolls as the U.S. economy slows.

Tech giants including Google-parent Alphabet, Amazon, Meta and Microsoft have moved to slash jobs in recent months ahead of a possible recession. In January alone, industry players have cut roughly 50,000 jobs, reversing a hiring spree that surged during the pandemic as millions of Americans moved their lives online. 

Spotify has roughly 9,800 workers, so the layoff will eliminate nearly 600 jobs.