Spotify will cut hiring by 25 per cent. In an email to employees, Spotify CEO Daniel Ek told employees that the company will continue hiring but will slow down and be “a bit more prudent” in the next few quarters.

Speaking at an investor conference earlier this month, Spotify’s chief financial officer Paul Vogel said the company did not yet see a material impact on the business, but said the company was monitoring the global economy.

“We are keeping a close eye on the situation and evaluating our headcount growth in the near term,” Vogel said.

Spotify joins a growing list of tech companies that are now suspending or reducing their hiring plans for this year, with several tech companies citing factors including rising inflation and the impact of the Ukraine crisis.

Technology companies have laid off a total of 35,000 workers, according to Layoffs.fyi, which tracks job cuts in the technology industry.

Some tech companies in the mix of layoffs of employees include cryptocurrency firm BlockFi (250 employees), privacy and marketing firm OneTrust (950 employees), Stitch Fix (330 employees), and identity verification firm ID.me (130 employees).