Spotify’s decision to lay off 17% of its staff is the leading technology story of the morning, and I wouldn’t fault you if you were a little confused why it is doing so. After all, the music streaming company just reported positive operating income and nine figures’ worth of free cash flow in the third quarter.
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Well, the short answer is: Corporate and market fundamentals.
Spotify has grown into a truly massive company. In the third quarter, its revenue rose 11% to €3.36 billion from a year ago, which put it on a roughly €13.4 billion run rate. That’s a lot.
But even though the company is raking in revenue and profit (last year it reported an operating loss and far-slimmer free cash flow), it isn’t getting the sort of respect from investors that it once enjoyed. It’s likely Spotify wants to earn that respect again.
Here’s a chart showing Spotify’s price-sales ratio, a trailing metric that is the grown-up version of the revenue multiple standard that we tend to use for startups:
Source @TechCrunch
