cross-posted from: https://lemm.ee/post/30272690
When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.
The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.
However, the company failed to hit its guidance on profitability and monthly active user growth.
Edit: Thanks to @[email protected] for the paywall-free link: https://archive.ph/wdyDS
Nah. It’ll be never. So long as they can spend good money to have Mackenzie tell em firing X employees will raise profit .0Y%, they will do it. Because anything else to improve profits would require actual work and investment. And that doesn’t show immediate profitability.
Believe it not hospital boards are like this too. Profits > quality patient care especially when they’re made up of the ‘good ole boys’