Spotify Technology SA Chief Executive Officer Daniel Ek informed the staff via email on Wednesday that the audio streaming company would reduce its hiring by 25%, according to a source familiar with the contents of the email.

Ek said Spotify would continue hiring, though it would slow the pace "and be a bit more prudent" of over the next few quarters.

Spotify Chief Financial Officer Paul Vogel said the company was watching the uncertainty in the global economy during an investor conference earlier this month. Although it had yet to see a material impact on business, he said, “We are keeping a close eye on the situation and evaluating our headcount growth in the near term.”