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# Layoffs to cost Spotify $140M – $155M as stock rise tops 10% [NYSE: SPOT]
- URL: https://www.hypebot.com/layoffs-to-cost-spotify-140m-155m-as-stock-continues-to-rise/
- Published: 2023-12-06T14:35:00.000Z
- Updated: 2023-12-06T14:40:57.000Z
- Description: Spotify stock opened up again on Wednesday, trading at $200.39 after the stock bucked two down days on Wall Street to rise 2.65% on Tuesday and 7.46% on Monday. The. Continue reading [https://www.hypebot.com/hypebot/2023/12/layoffs-to-cost-spotify-140m-155m-as-stock-continues-to-rise.html]
- Author: Bruce Houghton
- Tags: Music Business, Streaming, music, music industry, Music Tech, musician, musicians, Spotify, #wp, #wp-post, #Import 2026-01-21 09:44

Spotify stock opened up again on Wednesday, trading at $200.39 after the stock bucked two down days on Wall Street to rise 2.65% on Tuesday and 7.46% on Monday.

The upticks came after the streamer announced cutting almost 1,600 jobs or roughly 17% of its global workforce.

Spotify put the cost of the layoffs at $140 million to $155 million in a [regulatory filing](https://www.hypebot.com/content/files/d18rn0p25nwr6d-cloudfront-net/CIK-0001639920/fd7c005c-b308-4774-86c3-a65f8f6dd386.pdf) late Monday.

The costs are primarily “severance-related payments and the impairment of real estate assets as a part of optimizing the Company’s office space footprint in connection with the reduction in the employee base, partially offset by forfeitures of equity awards by departing employees.”

Layoff-related costs also shifted Spotify’s Q2 outlook from a $40 million projected profit to a loss of between $100 million and $107 million.

*Bruce Houghton*