Spotify Technology SA said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment.
The move affects about 2 percent of the music-streaming giant’s workforce and aligns Spotify with the likes of Meta Platforms and Roku, which have also cut jobs for the second time in response to an uncertain economy.
Shares of the Sweden-based company rose about 0.5 percent in early trading, outperforming a muted broader market.
Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers….