Spotify Technology SA is planning layoffs as soon as this week in an effort to curtail costs, according to people familiar with the plans.
The number of job cuts wasn’t specified. Spotify laid off 38 people from its Gimlet Media and Parcast podcast studios in October, as well as podcast editorial employees in September. The music streaming giant has about 9,800 employees, according to its third-quarter earnings report.
Also Read | Microsoft cuts 10,000 jobs; ‘Hard choices to remain…’ reads Nadella’s email
Meta Platforms Inc., Amazon.com Inc., Google parent Alphabet Inc. and Microsoft Corp. also recently announced staff reductions. Tech companies added to their headcount during the pandemic but were forced to make reductions in response to a shaky economic outlook.
Also Read | ‘I am deeply sorry’: Read Google CEO Sundar Pichai’s mail to laid off employees
A Spotify spokesperson declined to comment on the upcoming cuts.
The company made a massive commitment to podcasting beginning in 2019. It spent over a billion dollars on acquiring podcast networks, creation software, a hosting service and the rights to popular shows like The Joe Rogan Experience and Armchair Expert.
Still, the investments have tested investors’ patience. Shares tumbled 66% last year as investors questioned when they’d begin seeing returns. Spotify executives said in June its podcast business would become profitable in the next one to two years.
Axis Bank exposure to Adani Group ‘comfortable’, only 0.94% of its net advances
Reuters | | Posted by Singh Rahul Sunilkumar
Axis Bank on Saturday said its exposure to Adani Group entities stood at 0.94% of its net advances on December 31, adding that it remained comfortable with its exposure. Read: How Adani’s $58 billion wipeout in 6 days fares vs Bankman-Fried’s wealth loss
“Our exposure to Adani Group is primarily t o the operating companies in the Ports, Transmission, Power, Gas Distribution, Roads, Airports etc,” the bank said.
The Adani Group, led by billionaire Gautam Adani, is reeling from a U.S. short-seller’s scathing report in January that has cratered its shares, prompted calls from opposition lawmakers for a wider probe and the central bank to check on banks’ exposure to the conglomerate. ALSO READ: Axis Bank Q3 result: Profit jumps 62% to ₹5,853 cr
State Bank of India, the country’s largest lender, said on Friday it has no concerns so far regarding its exposure to the Adani Group and that any further financing to the conglomerate’s projects would be “evaluated on its own merit”.
SBI’s total exposure to the conglomerate was 0.9% of its total loan book, or around 270 billion rupees ($3.30 billion), the bank’s Chairman Dinesh Kumar Khara said.
The crisis at Adani Group was triggered by last month’s report by Hindenburg Research that accused the conglomerate of stock manipulation and unsustainable debt. Adani Group has rejected the criticism and denied wrongdoing in detailed rebuttals.
Inside Relativity Space’s monster factory 3D-printing reusable rockets
The exterior of “The Wormhole” factory.
LONG BEACH, California – It was a few days into the new year yet Relativity Space’s factory was anything but quiet, a din of activity with massive 3D printers humming and the clanging of construction ringing out.
Now about eight years on from its founding, Relativity continues to grow as it pursues a novel way of manufacturing rockets out of mostly 3D-printed structures and parts. Relativity believes that its approach will make building orbital-class rockets much faster than traditional methods, requiring thousands less parts and enabling changes to be made via software — aiming to create rockets from raw materials in as little as 60 days.
The company has raised over $1.3 billion in capital to date and continues to expand its footprint, including the addition of more than 150 acres at NASA’s rocket engine testing center in Mississippi. Relativity was named to CNBC’s Disruptor 50 last year.
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The company’s first rocket, known Terran 1, is currently in the final stages of preparation for its inaugural launch from Cape Canaveral in Florida. That rocket was built in “The Portal,” the 120,000-square-foot factory the company built in Long Beach.
The inside of “The Wormhole” factory in Long Beach, California.
But earlier this month CNBC took a look inside “The Wormhole:” The more than one-million square foot facility where Boeing previously built C-17 aircraft is where Relativity now is filling in with machinery and building its larger, reusable line of Terran R rockets.
“I actually tried to kill this project several times,” Relativity CEO and co-founder Tim Ellis told CNBC, gesturing to one of the company’s newest additive manufacturing machines – this one given an internal codename “Reaper,” in reference to the StarCraft games — which marks the fourth generation of the company’s Stargate printers.
A closeup look at one of the company’s “Reaper” printers at work.
Unlike Relativity’s prior Stargate generations, which printed vertically, the fourth generation ones building the main structures of Terran R are printing horizontally. Ellis emphasized the change allows its printers to manufacture seven times faster than the third generation, and have been tested at speeds up to 12 times faster.
The scale of one of the Stargate “Reaper” printers.
“[Printing horizontally] seems very counterintuitive, but it ends up enabling a certain change in the physics of the printhead which is then much, much faster,” Ellis said.
A pair of the company’s “Reaper” 3D-printers.
So far, the company is utilizing about a third of the cavernous former Boeing facility, where Ellis said Relativity has room for about a dozen printers that can produce Terran R rockets at a pace of “several a year.”
For 2023, Relativity is focused on getting Terran 1 to orbit, to prove its approach works, as well as demonstrate how “fast we can progress the additive technology,” Ellis said.
“Given the overall economy, we’re obviously being very scrappy still, and making sure we’re delivering results,” he added.
The company’s Terran 1 rocket stands on its launchpad at LC-16 in Cape Canaveral, Florida ahead of the inaugural launch attempt.
Trevor Mahlmann / Relativity Space
Correction: A previous of this story misstated the speed the company’s 3D-printers had been tested.
On Adani row, SEBI says it’s committed to ensuring market integrity
The Securities and Exchange Board of India on Saturday said it is committed to ensuring market integrity and structural strength, referring to the controversy surrounding the Hindenburg report on Adani Group.
After the fallout of the report, the Adani Group’s shares have been on a free fall as the seven listed firms have lost more than $100 billion.
“In all specific cases, Sebi examines all matters that come to its notice and takes appropriate action”, PTI quoted the market regulator.
“For orderly and efficient functioning of market, all surveillance measures in place to address excessive volatility in specific stocks”, it added.
ALSO READ: Inside the 19-hour Adani embroglio that led to scrapping of $2.5 billion FPO
Referring to Adani Group, SEBI said, “During past week, unusual price movement observed in stocks of a business conglomerate”. The market regulator added that it is committed to ensuring that stock market functions in an uninterrupted, transparent, efficient manner as has been case so far.
Earlier in the day, Union finance minister Nirmala Sitharaman said in the last two days the foreign exchange reserve had gone up by eight billion. Responding to Adani’s FPO pull out, she said that the FPOs come and get out and such fluctuations happen in every market. She added that the foreign reserves going up by eight billion proved that the perception about India and its inherent strength is intact.
ALSO READ: How Adani’s $58 billion wipeout in 6 days fares vs Bankman-Fried’s wealth loss
On February 2, the Adani Enterprises had announced it decided not to proceed with its FPO, this after the shares of the firm sank 28.45 per cent to close at ₹2,128.70. The company also said it needed to protect its investors by returning their proceeds.
On Friday, the Reserve Bank of India had said the country’s banking sector is resilient and stable and that the central bank maintains constant vigil on the lenders. The RBI said it is constantly monitoring the banking sector.
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