On Monday, Spotify announced it will be laying off 6% of its staff worldwide.

The music streaming company currently has 9,800 employees, so the layoffs would affect around 600 employees. Most of those employees reside in the U.S. and Sweden, where the company was founded, according to CNBC.

“As you are well aware, over the last few months we’ve made a considerable effort to rein in costs, but it simply hasn’t been enough,” Spotify Chief Executive Daniel Ek wrote in a note to employees Monday, per The New York Times.

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In addition to the layoffs, Ek said the company was planning on doing some restructuring with Spotify executives.

The company plans on offering five months of severance pay to the employees who were laid off.

Ek cited issues with “macroeconomic challenges” that resulted in the job cuts. “I was too ambitious in investing ahead of our revenue growth,” he wrote, the Times reported.

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Tech companies that have made job cuts since 2022

Spotify isn’t the only or the first tech company to announce big job cuts. It’s the latest in a long string of them — here are some of the notable ones.

  • Aug. 3, 2022: Robinhood laid off 23% of its workforce.
  • Oct. 18, 2022: Microsoft laid off just less than 1,000 employees.
  • Nov. 4, 2022: Twitter cut 3,700 jobs.
  • Nov. 9, 2022: Meta announced a layoff of 11,000 workers.
  • Nov. 23, 2022: HP laid off 6,000 employees.
  • Nov. 30, 2022: AMC Networks cut back its workforce by 20%.
  • Jan. 5: Amazon eliminated 18,000 jobs, 6% of its workforce.
  • Jan. 18: Microsoft announced more layoffs, this time cutting 11,000 jobs.
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