SoundCloud is laying off up to 20 percent of its workforce

SoundCloud is joining the depressingly long list of companies in the tech industry that are letting personnel go due to the economic downturn. According to Billboard and Variety, company CEO Michael Weissman told employees in an email that it's "making reductions" to its global team that will impact up to 20 percent of SoundCloud. Weissman said the move is necessary "given the challenging economic climate and financial market headwinds." Further, the layoffs and the prudent financial decisions the company had recently made apparently put it on the path to sustained profitability.