Spotify to cut 1,500 jobs in third layoff round this year, shares jump

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

STOCKHOLM (Reuters) - Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17% of its workforce, to bring down costs, after letting 600 of its staff go in January, and 200 more in June.

Its U.S.-listed shares soared about 11% to trade near their two-year high of $200.46 in early trading.