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Spotify Hiring is slowing by 25%, CEO Daniel Eck said in an email to employees on Wednesday.
It’s the latest sign that companies across tech, many of which grew significantly in the early stages of the pandemic, cutting down on employee growth As economic uncertainty is increasing. While job growth in the economy remains strong, there have been several high-profile hiring slowdowns or staff cuts in the tech sector in recent months, including layoff Feather coinbase And scaled-down recruiting on Facebook’s boss meta,
The economic outlook is unclear, prompting some companies to slow down and take stock of their existing staff. Earlier this week, S&P 500 fell into bear market territoryWhen stocks fall at least 20% below recent highs, and the Federal Reserve Announcement of steep hike in interest rates To reduce rising inflation.
Spotify spokesman Adam Grossberg pointed to CFO Paul Vogel’s comments at the company’s Investor Day, where he said, “We are clearly aware of the increasing uncertainty about the global economy. Don’t want to see a material impact – we are closely monitoring the situation and evaluating growth in our workforce in the near future.”
In an email to employees, one said that Spotify would “reduce hiring growth by 25%.” But he added that the company “will still continue to hire and grow, we’re just going to slow down that pace and be a little more prudent with full levels of new employees over the next few quarters.”
Grosberg declined to explain what the 25% reduction in hiring growth would be.
—CNBC’s Steve Kovach contributed to this report.
Correction: This story has been updated to reflect the correct attribution of a quote to the CFO of Spotify.