Swedish music streaming giant Spotify said on Monday it was cutting six per cent of its roughly 10,000 employees, the latest cost-cutting announcement among technology companies.

"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 per cent across the company," Spotify chief executive Daniel Ek said on Spotify's official blog. "I take full accountability for the moves that got us here today," Ek added.

In hindsight, I was too ambitious in investing ahead of our revenue growth- Spotify chief executive Daniel Ek

The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.

Spotify has never posted a full-year net profit despite its success in the online music market.

In recent months, tech giants such as Google parent company Alphabet, Facebook-owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds. 

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.