Last August, SoundCloud reduce his staff by 20 percent, citing the “financial implications” of layoffs. It has been a common leave among the companies that are reducing employees in recent years – and companies such as Google, Meta, Amazon and many other layoffs as restructuring or cost reduction. Now, SoundCloud says it will cut employees by an additional 8 percent, telling employees that the reduction is “a difficult but necessary decision to ensure the health of our business and to make SoundCloud profitable this year.”
That goal was also laid out in the company’s last quarter, where 2022 cuts were set as putting SoundCloud “on the path to profitability.” This new “depopulation” is seen as the next step in the plan, and sources tell Billboard that the company expects to be profitable by Q4. SoundCloud’s management has also said it is attracting new investors.
While SoundCloud’s layoffs follow the negative trend we’ve seen across various tech brands recently, the company has been laying off employees for some time. In addition to last year’s cuts, the company reduced its workforce by 40 percent in 2017.
Check out Engadget’s feature on A major technology withdrawal in 2023 for more information.