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 @Zerlyna@lemmy.world for the paywall-free link: https://archive.ph/wdyDS
Gasp - it’s almost like these jet setting CEOs just don’t know that much about their day to day operations. Maybe they should spend less time tongue fucking each other for being “captains of industry” and more time doing the actual job they are paid obscenely for. They are supposed to ensure the company is running properly, not just push up the stock price.
Actually that’s a really good point. Apart from any glaring ethical concerns one might have about this kind of thing, it’s not a terribly good way to run a business. Man do these folk ever like finding a nice new way to shoot themselves in the foot 🤦♂️
If you as a CEO who has been running a company, need to fire 1500 people, your resignation should follow that decision or at the very least a few of your c suite and management team need to be removed with them.
Talk about gross mismanagement.
I’d give a new CEO a pass on this tbh. But if you’ve been running the company so poorly that a sizeable chunk of your employees need to be fired youve failed at your job. You should go.
I wouldn’t. They should either be promoted from upper management and know better, or build their own company and know better. There’s no excuse to manage that many people without experience.