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Spotify CEO Daniel Ek surprised by how much laying off 1,500 employees negatively affected the streaming giant’s operations (fortune.com)

submitted 6 months ago* (last edited 6 months ago) by wanderingmagus@lemm.ee to c/nottheonion@lemmy.world

34 comments fedilink hide all child comments

cross-posted from: https://lemm.ee/post/30272690

When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.

The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.

However, the company failed to hit its guidance on profitability and monthly active user growth.

Edit: Thanks to @Zerlyna@lemmy.world for the paywall-free link: https://archive.ph/wdyDS

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[–] athos77@kbin.social 20 points 6 months ago (1 children)

"We are currently experiencing higher than normal call volume. Your call is very important to us. Please continue to hold ... "

[–] otp@sh.itjust.works 16 points 6 months ago (3 children)

I hate that message so much. It doesn't mean a damn thing. Sometimes someone picks up during the message.

Just say something like "Thanks for calling [company]. Please hold for the next available live agent". Don't give me any excuse (especially not about covid or the pandemic), and put the music on as fast as possible.

[–] ahal@lemmy.ca 6 points 6 months ago

They're hoping it gets you to hang up and keep your petty problem to yourself.

[–] MrMcGasion@lemmy.world 5 points 6 months ago

One of the companies I frequently have to call for work gives a high volume of calls due to the storm systems moving across the United States. They added it like a year or so ago when California had all that flooding and the east coast had a couple of hurricanes. But it's still on there as an excuse.

[–] unreasonabro@lemmy.world 3 points 6 months ago

it means "fuck you" and you should take it as such.