The streaming platform has responded to a Techcrunch article that said it only had 50 days of funding left.
SoundCloud has given a statement in response to yesterday’s Techcrunch article about the company’s financial situation.
The article claimed that SoundCloud had only secured enough funding to last until the beginning of the fourth quarter, which starts in approximately 50 days. In a response given to RA, the Berlin-based streaming platform cited “a number of inaccuracies” in Techcrunch‘s editorial based on what it said was “a misinterpretation of information by one or two laid off employees.”
“To clarify, SoundCloud is fully funded into the fourth quarter,” the spokesperson said. “We continue to be confident the changes made last week put us on our path to profitability and ensure SoundCloud’s long-term viability.”
SoundCloud’s financial woes were back in the spotlight last week when the company announced the sudden layoffs of 40% of its staff.
“In terms of layoffs, it is our policy not to discuss individual employee cases,” SoundCloud added, “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.”