Why Spotify (SPOT) Shares Are Trading Higher Premarket Today - Spotify Technology (NYSE:SPOT)

Spotify Technology S.A. SPOT eyed layoffs by this week, joining the downsizing wave of technology companies from Amazon.Com Inc AMZN to Meta Platforms Inc META.
Spotify intends to cut about 6% of its employee base and incur €35 million to €45 million in related charges.
In October, Spotify removed 38 staff from its Gimlet Media and Parcast podcast studios. The move involved less than 5% layoffs from Spotify's podcast staff, Bloomberg reports.
Spotify has 9,800 employees, according to its third-quarter earnings report.
Tech companies added to their headcounts to tap the pandemic-aided demand.
However, companies including Amazon.com, Meta, Microsoft Corp MSFT, and Alphabet Inc GOOG GOOGL had to downsize on pandemic recovery to contain costs following advertising revenue slowdown and macro headwinds.
Spotify had splurged on acquiring podcast networks, creation software, a hosting service, and the rights to popular shows like The Joe Rogan Experience and Armchair Expert.
In June, Spotify said its podcast business would become profitable in the next one to two years.
Price Action: SPOT shares traded higher by 4.19% at $102.21 premarket on the last check Monday.

Spotify To Downsize Employee Count To Fight Macro Headwinds