Spotify is set to cut its workforce by around 17 percent, CEO Daniel Ek told staff Monday, amid a slowdown in economic growth and the rising costs of borrowing money. The headcount reduction—which is Spotify’s third this year—will affect about 1,500 jobs, according to The Wall Street Journal. “I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives,” Ek said in a lengthy note to employees Monday. “While I am convinced this is the right action for our company, I also understand it will be incredibly painful for our team.” He also noted that the cuts may “feel surprisingly large” given a recent positive earnings report showing the company made around $69 million in the three months ending Sept. 30—Spotify’s first quarterly profit in over a year.