For the third time this year, streaming giant Spotify is implementing employee layoffs to fast-track its drive toward profitability.

Spotify Chief Executive Daniel Ek told employees in a 1,000-word letter on Monday morning that 17% of its workforce will be laid off by the end of the day on Tuesday. The cuts will affect about 1,500 people.

"Today, we still have too many people dedicated to supporting work and even doing work around the work rather than contributing to opportunities with real impact," Ek said in the letter.

https://www.zerohedge.com/markets/grinch-spotify-fires-17-workforce-christmas