Spotify to trim 6% of workforce in latest tech layoffs

Small figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. REUTERS/Dado Ruvic/Ilustration

(Reuters) -Spotify Technology SA said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, adding to the massive layoffs in the technology sector in preparation for a possible recession.

The tech industry is facing a demand downturn after two years of pandemic-powered growth during which it had hired aggressively. That has led firms from Meta Platforms Inc to Microsoft Corp to shed thousands of jobs.