SoundCloud Responds To Cash Crunch Stories

SoundCloud's desperate layoff maneuver only bought itself enough time until Q4

SoundCloud's desperate layoff maneuver only bought itself enough time until Q4

This all started on Wednesday after TechCrunch published an article writing about how Soundcloud had recently laid off 40 percent of it's staff the week before along with quotes from sources at Soundcloud. Yesterday (July 12), it was revealed the streaming platform only has enough funding to last until the fourth quarter of 2017.

Soundcloud only has enough money to last 50 days after the much maligned service binned half of its staff last week, closed offices across the world, and left in its wake a raft of stories of a company that's sinking fast, where information is being withheld from employees and upper management doesn't appear to have a solution. In a detailed report, TechCrunch dives into the reality of what's really going on with the company. Eric [Wahlforss] said something about the SoundCloud 'family, ' and there were laughs. The TechCrunch piece also alleged that morale at SoundCloud had bottomed out, and that even people who survived the recent layoffs were jumping ship. "There are a number of inaccuracies within the TechCrunch article", the message reads. During an "all hands on deck" meeting as described in the report, employees supposedly scoffed at the founders referring to them as a family. "Yet its supposed 'corrections" simply repeat what we did publish, and refute something we didn't publish...TechCrunch stands by its reporting".

Due to the extensive number of inaccuracies, we will only comment regarding funding and layoffs. "By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of SoundCloud's independent future", he said last week.

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SoundCloud fired back, claiming there were "extensive inaccuracies" in the report, and that it's "fully funded through Q4".

SoundCloud took issue with the claims and responded with its own statement, which it issued to Variety.

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