Spotify to lay off 17% of employees — read the full memo CEO Daniel Ek sent to staff

It comes after Spotify reported a 65 million euros ($70.7 million) profit in the third quarter, citing lower spend on marketing and personnel.

Spotify raised prices of its subscription plans earlier this year and has been expanding into podcasts and audio books.

The latest round of redundancies follows successive cuts at the firm, which like other growth-oriented tech firms has been forced to cut back on costs in the last year or so due to…