Streaming music company Spotify (SPOT) it is laying off 17% of staff. Citi Managing Director Jason Bazinet, who recently downgraded the stock to "Neutral" from "Buy," joins Yahoo Finance Live to discuss the cuts. Bazinet says that in order to for him to reverse his call, he would need to see “more achievable” sell-side estimates. In terms of cutting costs, Bazinet states plainly that in terms of cost-cutting “we’re sort of done with that” referring to the recent company lay-offs, pointing out that most of the costs for Spotify comes from content. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Spotify (SPOT) laid off 17% off its staff on Monday in a bid to reduce costs and boost margins, sending shares surging. Yahoo Finance anchors Rachelle Akuffo and Akiko Fujita break down the latest development with the company and how it will affect the business going forward. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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