Spotify stock up Monday AM as Wall St. reacts to layoffs [NYSE: SPOT]

1500 Spotify staffers are losing their jobs just before Christmas, and on Monday morning Wall Street rewarded CEO Daniel Ek’s cost-cutting move with a strong rally.

In a memo to staff Monday, Ek said that Spotify is laying off 17% of its global workforce, or 1500 of an estimated 9000 employees. This round follows a 6% or 600-person reduction in January, with 200 more let go in June.

As of 10:30 AM ET on Monday, Spotify stock was up 7.9% or $14.29 to ade at $195.00.

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

Bruce Houghton