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.
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On Monday morning, CEO Daniel Ek told employees that he was laying off 17% of the workforce in line with his efforts to make Spotify a more efficient business. This isn't the first time Spotify has cut its payroll. Notably, Spotify has not been cutting its R&D spending.