Spotify (SPOT 0.20%) announced Monday it will cut 17% of its workforce as the business becomes more efficient. This was a shock to the market because Spotify's business has been growing nicely in 2023, but that's one reason the cuts were made. Reducing operating expenses hasn't slowed growth, so the focus is now on getting as efficient as possible.
In this video, Travis Hoium covers the news and shares why Spotify is set for a great year in 2024.
*Stock prices used were end-of-day prices of Dec. 4, 2023. The video was published on Dec. 4, 2023.
