This is the best summary I could come up with:

LONDON (AP) — Spotify says it’s axing 17% of its global workforce, the music streaming service’s third round of layoffs this year as it moves to slash costs while focusing on becoming profitable.

In a message to employees posted on the company’s blog Monday, CEO Daniel Ek said the jobs were being cut as part of a “strategic reorientation.” The post didn’t specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people.

Spotify had used cheap financing to expand the business and “invested significantly” in employees, content and marketing in 2020 and 2021, the blog post said.

But Ek indicated that the company was caught out as central banks started hiking interest rates last year, which can slow economic growth.

Ek said the “leaner structure” of the company will ensure “Spotify’s continued profitability.”

Tech companies like Amazon, Google, Microsoft, Meta and IBM have announced hundreds of thousands of job cuts this year.

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