Spotify (NYSE:SPOT) announced Monday it will cut 17% of its workforce as the business becomes more efficient. This was a shock to the market because Spotify's business has been growing nicely in 2023, but that's one reason the cuts were made. Reducing operating expenses hasn't slowed growth, so the focus is now on getting as efficient as possible.
In this video, Travis Hoium covers the news and shares why Spotify is set for a great year in 2024.
*Stock prices used were end-of-day prices of Dec. 4, 2023. The video was published on Dec. 4, 2023.
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Travis Hoium has positions in Spotify Technology. The Motley Fool has positions in and recommends Spotify Technology. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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