spotify technology sa said it is laying off about 6 of its staff and shuffling a few executives in a bid to streamline operations and rein in costs becoming the latest tech company to unwind some of its pandemicfueled growth spurt demand for the musicstreaming companys services surged during the covid19 pandemic but chief executive daniel ek said monday that his growth plans were too ambitious his comments echo that of other tech executives who have acknowledged in recent months that they were caught by surprise as a pandemicfueled surge in demand faded like many other leaders i hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us in hindsight i was too ambitious in investing ahead of our revenue growth mr ek said i take full accountability for the moves that got us here today last year growth of spotifys operating costs outpaced the companys revenue growth by a factor of more than two mr ek said over the last few months weve made a considerable effort to reinin costs but it simply hasnt been enough he said in a note to employees that was shared on the companys website in addition to the layoffs mr ek said dawn ostroff chief content and advertising business officer has decided to leave the company alex norstrom currently chief freemium business officer and gustav soderstrom currently chief research and development officer would each take on additional responsibilities and be appointed as copresidents of the company mr ek said the company is fundamentally changing how we operate at the top mr ek said he would spend more time working on projects for the future of spotify shares rose more than 4 to 10215 write to will feuer at willfeuerwsjcom