Audio streaming platform SoundCloud has made the decision to lay off 8% of its workforce, joining the growing list of companies cutting jobs to reduce expenses. The CEO of SoundCloud, Eliah Seton, announced these job cuts during an all-hands meeting, citing the need to achieve profitability. This move is seen as crucial for the company’s financial health and future success.
Company’s Target for Profitability
SoundCloud had set a target date of the fourth quarter (Q4) for achieving profitability. In a meeting with employees, CEO Eliah Seton explained that the layoffs were necessary to help the company turn a profit. The affected employees will have the opportunity to meet with the People Team and their respective managers to discuss the changes.
CEO Accountability and Company Outlook
Eliah Seton took accountability for the difficult decision, emphasizing its importance in ensuring the company’s overall well-being and profitability for the current year. SoundCloud also stated its intention to seek additional investors for its audio streaming service, indicating a proactive approach to financial stability.
Previous Workforce Reduction and Industry Trends
Last year, SoundCloud had already implemented a workforce reduction of 20% due to challenging economic conditions and market headwinds. This decision was aimed at securing the company’s long-term success as an independent entity. The recent layoffs reflect a continued effort to navigate the ever-changing economic landscape.
SoundCloud’s decision to lay off 8% of its workforce underscores the company’s commitment to achieving profitability and securing its future in the audio streaming industry. The CEO’s accountability and proactive approach to seeking investors demonstrate SoundCloud’s determination to overcome financial challenges and ensure its long-term success.
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