After fourth-quarter revenue declined 5%, first-quarter revenue will be down 2% to flat, the company announced Thursday.
Media business layoffs are hitting the music industry, with more to come from Universal Music and perhaps other labels.
"The stakeholders have major investments; it's time," says a former employee.
Facing a decline in revenue and owing $2 billion in debt, the radio company looks to restructure its balance sheet.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
The board cautioned investors to use the company's valuation metrics "with a higher degree of caution and less certainty" than normal.
After receiving a "heavily caveated" opinion from its adviser, Hipgnosis Songs Fund said it needs more time preparing its latest interim results.
With consumer sentiment improving and recession risks fading, 2024 is shaping up to be another record-breaker.
CEO Daniel Ek wants Spotify to become "relentlessly resourceful." The company's financial results showed it was becoming less efficient as it led the music industry's renaissance.
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