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☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ Spotify to lay off 200 workers in podcast division
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. Sahar Elhabashi, who heads the podcast business, said on Monday that the company has "made the difficult but necessary decision to make a strategic realignment." Spotify also said it will merge its Parcast and Gimlet studios into a single Spotify Studios division, which will produce Spotify originals.

Persons: Dawn Ostroff, Joe Rogan's, Sahar Elhabashi, Elhabashi, Tiyashi Datta, Vinay Dwivedi, Shweta Agarwal Organizations: Spotify Technology SA, Spotify, Spotify Studios, Thomson Locations: Sweden, Bengaluru

☆ Factbox: Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +8 min

read moreSpotify Technology SA (SPOT.N):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Workday Inc (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse is planning to cut about 3,000 jobs in the second quarter, Reuters reported. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Spotify CEO Calls AI ‘Cool and Scary’ as It Hits Music Industry
▼ + stars: | 2023-04-25 | by ( Anne Steele | ) www.wsj.com time to read: 1 min

Photo illustration: Ryan TrefesSpotify Technology SA reported its strongest first-quarter user growth ever, but a soft ad business led to lower-than-expected revenue. During the quarter ended in March, the company laid off employees and reorganized its top brass, saying it aims to become more efficient this year following an intense period of spending. Spotify also introduced a new video feed for its app in a bid to boost user engagement. It overhauled its landing page to recommend music, podcasts and audiobooks to users via short clips, similar to TikTok and YouTube Shorts.

☆ Spotify's monthly active users top 500 million, beat estimate
▼ + stars: | 2023-04-25 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

The number of monthly active users rose to 515 million in the first quarter, beating Spotify's guidance and analysts' forecast of 500 million, according to IBES data from Refinitiv. Premium subscribers, who account for most of its revenue, rose 15% to 210 million, topping estimates of 206 million. The company forecast monthly active users of 530 million. Spotify last year laid out plans to get one billion users by 2030 and reach $100 billion in annual revenue. Spotify's current-quarter revenue forecast of 3.2 billion euros also missed expectations of 3.26 billion euros.

☆ These 74 stocks across 5 categories of AI are the top picks from the sector's leading fund managers.
▼ + stars: | 2023-03-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

These 74 stocks are picked by AI ETF managers. What she believes is unique about her fund is its heavy focus on quantum computing technology, making up 41.22% of the fund. While big data is used for different technologies, it enables AI to work with massive data sets in its machine-learning process. TipRanks, a financial technology website that uses AI to analyze financial data, created a stock list for what they deem are the best AI stocks based on popularity. TipRanks' list of nine of the best AI stocks have large market caps and are likely to remain relevant for a long time.

☆ Spotify Launches New Video Feed to Keep Listeners Listening
▼ + stars: | 2023-03-08 | by ( Anne Steele | ) www.wsj.com time to read: 1 min

Spotify Technology SA wants users to discover their next favorite artist on its platform, and not on TikTok or YouTube. The Swedish music-streaming company on Wednesday introduced a new video feed for its app, aiming to recommend music, podcasts and audiobooks to users via short clips, similar to TikTok and YouTube Shorts.

☆ Spotify listeners cross half a billion mark
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Spotify Technology SA (SPOT.N) said on Wednesday it would roll out new features like smart shuffle and previews of podcasts and music playlists on its audio streaming platform, as it crossed 500 million in monthly active listeners. Spotify also shared an update to its annual music royalties report, noting that the number of artists making over $1 million as well as those generating over $10,000 had more than doubled in the past five years. Earlier this year, Spotify said it would tighten spending and work to become efficient given the tough macroeconomic backdrop and projected the number of listeners would reach 500 million in the current quarter. Features like autoplay for podcasts, personalized visual and audio previews of podcast episodes and audiobooks or music playlists, and new feeds for discovery will be rolled out in waves starting Wednesday, Spotify said. Reporting by Eva Mathews in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Activist investor ValueAct takes stake in Spotify
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - ValueAct Capital Management has taken a stake in Spotify Technology SA (SPOT.N), at a time when the audio streaming company is looking to cut costs. "We welcome ValueAct as an investor in Spotify," a spokesperson for the Swedish company said on Friday, without disclosing further details on the investment. ValueAct Chief Executive Mason Morfit disclosed the investment during a presentation at a Columbia University event in New York on Friday, according to Bloomberg News, which first reported the stake. ValueAct, which declined to comment, distinguishes itself from other activist investors by preferring to stay behind the scenes and rarely presents its investment ideas publicly. However, a challenging economic environment set the stage for belt tightening, with Spotify Chief Executive Daniel Ek announcing layoffs and an organizational restructuring in January.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ The AI craze has sent some stocks soaring up to 300%. This list of over 74 stocks across 5 categories features the top picks from the sector's leading fund managers.
▼ + stars: | 2023-02-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

☆ Spotify Adds Users, Reports Loss After Big Investments in Podcasts
▼ + stars: | 2023-01-31 | by ( Anne Steele | ) www.wsj.com time to read: 1 min

Spotify Technology SA reported strong user growth but another quarterly loss after the company invested extensively to build its podcast business. The audio giant, which last week laid off employees and reorganized its top brass, said it aims to become a more efficient business this year following an intense period of spending. Spotify’s chief content and advertising business officer, Dawn Ostroff , will leave the company. She spearheaded the company’s expansion into podcasting, helping acquire studios and ink deals with high-profile figures such as Joe Rogan, Michelle Obama and Kim Kardashian.

☆ Spotify's user growth beats estimates, expects 500 million listeners next quarter
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lucy NicholsonSTOCKHOLM, Jan 31 (Reuters) - Spotify Technology SA (SPOT.N) on Tuesday reported fourth-quarter results that beat expectations for both active users and subscribers, and forecast the number of listeners would reach 500 million next quarter. The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million. Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv. Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually.

☆ Spotify's user growth beats estimates, expects 500 mln listeners next quarter
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million. Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv. The growth was driven by marketing campaigns and as more listeners signed up in countries such as India and Indonesia. Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually.

Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Analysts were expecting 202 million subscribers and revenue of 3.05 billion euros. Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually. "Spotify will double down on things that worked well and stop doing the things that don't work," he said. In 2023, the company expects revenue to begin to grow faster than operating expenses, which have jumped due to headcount growth and higher advertising costs.

☆ Spotify Goes Down for Many Users Before Service Restored
▼ + stars: | 2023-01-27 | by ( Talal Ansari | ) www.wsj.com time to read: 1 min

Streaming service Spotify had an outage on Thursday. Streaming service Spotify Technology SA experienced an outage for the second time this month, temporarily disrupting service for thousands of users. “Something’s not quite right, and we’re looking into it,” Spotify said in a tweet Thursday afternoon.

☆ Spotify down for thousands of users - Downdetector
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Spotify Technology SA's (SPOT.N) music streaming platform was down for thousands of users on Thursday, according to outage-tracking website Downdetector.com. In the second such outage within two weeks, nearly 35,000 Spotify users reported on Downdetector.com they were having issues with the streaming platform. "Something's not quite right, and we’re looking into it," Spotify Status, an account that provides updates about the platform's status, said in a tweet on Thursday. Spotify suffered a brief outage earlier this month, with more than 45,000 affected users from the United States at the peak of the disruption. Reporting by Deborah Sophia in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street extends rally, powered by tech bounce
▼ + stars: | 2023-01-23 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

All three major stock indexes extended Friday's gains, with the tech-heavy Nasdaq leading the pack, boosted by semiconductor shares (.SOX). Of the 11 major S&P 500 sectors, all but energy (.SPNY) ended green, with tech shares (.SPLRCT) enjoying the largest percentage gain, up 2.3% on the session. The fourth-quarter reporting season has shifted into overdrive, with 57 of the companies in the S&P 500 having posted results. Analysts now see S&P 500 fourth-quarter earnings, on aggregate, dropping 3% year-on-year, nearly twice as steep as the 1.6% annual drop seen at the beginning of the year, per Refinitiv. The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 19 new lows.

☆ Spotify to Cut 6% of Workforce in Latest Tech Layoff
▼ + stars: | 2023-01-23 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

Spotify Technology SA is laying off about 600 employees, or roughly 6%, of its workforce as part of broader cost-cutting measures after the streaming company went on a spending spree during the pandemic. The company’s move is the latest in a wave of technology layoffs, as the industry recalibrates after growing rapidly over the past few years and ahead of a potential recession.

☆ Wall Street surges, powered by tech rebound
▼ + stars: | 2023-01-23 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"No one wants to be watching from the sideline with a bunch a cash as the market gets away from them." All 11 major sectors in the S&P 500 were higher, with tech (.SPLRCT) up the most, jumping 2.8%. Fourth-quarter reporting season has shifted into overdrive, with 57 of the companies in the S&P 500 having posted results. Of those, 63% have delivered better than expected earnings, according to Refinitiv. The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 14 new lows.

☆ Spotify to Cut 6% of Workforce in Latest Tech Layoffs
▼ + stars: | 2023-01-23 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

Spotify Technology SA is laying off 6% of its employees as part of broader cost-cutting measures after the streaming company went on a spending spree during the pandemic. The company’s move is the latest in a wave of technology layoffs, as the industry recalibrates after growing rapidly at the start of the pandemic. Tech companies big and small are grappling with economic turbulence after swelling their head counts over the past few years. Now, many are cutting some of their recent additions and abandoning long-shot projects.

☆ Spotify to trim 6% of workforce in latest tech layoffs
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, adding to the massive layoffs in the technology sector in preparation for a possible recession. The tech industry is facing a demand downturn after two years of pandemic-powered growth during which it had hired aggressively. "I was too ambitious in investing ahead of our revenue growth," he added, echoing a sentiment voiced by other tech bosses in recent months. Reuters GraphicsSmall figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. Ostroff helped shape Spotify's podcast business and guided it through backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19.

☆ Spotify to cut 6% of jobs, content head to depart
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

That has led firms from Meta Platforms Inc (META.O) to Microsoft Corp (MSFT.O) to shed thousands of jobs. "I was too ambitious in investing ahead of our revenue growth," he added, echoing a sentiment voiced by other tech bosses in recent months. It said Dawn Ostroff, the head of content and advertising, was leaving after an over four-year stint at the company. Ostroff helped shape Spotify's podcast business and guided it through backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. The company said it is appointing Alex Norström, head of the freemium business, and research and development boss Gustav Söderström as co-presidents.

☆ Spotify to trim 6% of workforce
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Music streaming firm Spotify Technology SA (SPOT.N) plans to cut 6% of its workforce, the company said on Monday, a move that will add to a glut of layoffs in the technology sector as companies prepare for a possible recession. Tech companies are facing a demand downturn after two years of pandemic-driven growth during which they had hired aggressively. Spotify said it will incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges. Spotify had about 9,800 full-time employees, as of Sept. 30. ($1 = 0.9196 euros)Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Spotify to trim 6% of workforce, content head to depart
▼ + stars: | 2023-01-23 | by ( ) www.cnbc.com time to read: +1 min

Daniel Ek, chief executive officer and co-founder of Spotify AB, stands for a photograph after a news conference in Tokyo, Japan, on Thursday, Sept. 29, 2016. Music streaming firm Spotify Technology said on Monday it plans to cut 6% of its workforce, or roughly 600 jobs, adding to a glut of layoffs in the technology sector as companies prepare for a possible recession. The company also said its chief content and advertising business officer, Dawn Ostroff, will depart as part of a broader reorganization. Spotify, which had about 9,800 full-time employees as of Sept. 30, said it expects to incur about 35 million euros ($38.06 million) to 45 million euros in severance-related charges. The company had said in October that it would slow down hiring for the rest of the year and into 2023.

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