Spotify reported in its latest annual report that it had about 6,600 employees, which implies that 400 jobs are being axed

Swedish music streaming giant Spotify said Monday that it was cutting six percent of its global workforce, the latest tech company to cut costs with layoffs.

Spotify CEO Daniel Ek told employees that the cuts were part of a revamp involving a management shuffle, “and to bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees.”

"In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about six percent across the company," he said on Spotify's official blog.... Read More: i24