Spotify layoff details emerge as stock finished up sharply Monday [NYSE: SPOT]

UPDATED: Even while the overall stock markets declined on Monday, Spotify finished sharply up after news emerged that the streaming company was cutting almost 1,600 jobs or roughly 17% of its global workforce.

Spotify [NYSE: SPOT] ended Monday at $194.17, up $13.48 or 7.46%. In pre-market trading Tuesday morning, the stock was down 0.30% or $.59, trading at $193.58.

The news came as details of the layoffs began to emerge. One hard-hit department was the Spotify Fan First / Live Music team, with laid-off staffers sharing that the “vast majority” were let go.

Podcasts also saw another round of layoffs after significant staffing cuts in January and June.

Few departments seem to have been spared entirely. Senior Web Engineer Freddie Carthy was laid off almost a year to date after he landed at Spotify after he left a crumbling Twitter. “Shocked to find out I’ve been impacted by the Spotify layoffs.” he posted. “Don’t even know what to feel right now.”

Spotify CEO Daniel Ek’s Layoff Letter To Staff – Full Text

Details also emerged of the severance package that Spotify offered those let go.

MORE: Spotify cuts 1500 jobs in third round of layoffs this year

Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.