After shutting down its offices in San Francisco and London and laying off 40% of its staff, it was revealed in a report from TechCrunch that SoundCloud only had about 50 days to survive and then it would go entirely bankrupt. However, it looks like that is not the case, seeing as the company has just issued a statement on the matter and you can check it out below!
“There are a number of inaccuracies within the TechCrunch article. They seem to stem from a misinterpretation of information by one or two laid off employees during a recent all hands meeting.
Due to the extensive number of inaccuracies, we will only comment regarding funding and layoffs. To clarify, SoundCloud is fully funded into the fourth quarter. We continue to be confident the changes made last week put us on our path to profitability and ensure SoundCloud’s long-term viability. In terms of layoffs, it is our policy not to discuss individual employee cases, but we can share we continue to work with all employees who were let go to support them during this transition, with employment and financial assistance.”