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Spotify is cutting about 200 people, or 2% of its workforce, as the streaming company reworks its podcast unit.
Sahar Elhabashi, vice president, Head of Podcast Business, said in a memo that impacted employees would receive severance packages including extended healthcare coverage and immediate access to outplacement support.
In January Spotify announced that it was cutting 6% of its global workforce, or about 600 jobs.
Elhabashi also said Monday that the Stockholm company would be combining podcast networks Parcast and Gimlet into its Spotify Studios operation.
“With these changes, we will accelerate into the next chapter for podcasts on Spotify with strong discovery and podcast habits for users, thriving monetization and audience growth for creators, and a valuable, high-margin business for Spotify,” Elhabashi said.
In afternoon trading, shares rose nearly 3% and briefly set a 52-week trading high.