Spotify Announces More Layoffs

Spotify has announced they are laying off 1,500 people:

This brings me to a decision that will mean a significant step change for our company. To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company. I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us.

Meanwhile, the stock spiked on the news so the CFO cashed in.