Enlarge / Alexander Ljung, CEO and co-founder of SoundCloud, seen here in 2013. (credit: David Paul Morris/Bloomberg via Getty Images)
SoundCloud announced Thursday that it would be closing its San Francisco and London offices—firing 173 employees, or around 40 percent of its staff.
The Berlin-based company has been struggling for years: it reported losses of over €51 million ($58.1 million) in 2015—losses that have steadily grown since 2010.
In January 2017 financial statements, the company said the losses “give rise to a material uncertainty about the Group’s ability to continue as a going concern.”
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