Spotify shares have gone up in recent weeks after the company shared a new vision.

On Tuesday, the company told investors that they would tighten spending and increase efficiency after a year of wild spending on investing in technology and content.

CEO Daniel Ek noted that the “macro environment” has changed over the past year, and it’s time to buckle down and tighten the purse strings.

Ek told investors, “In hindsight, I probably got a little carried away and over-invested relative to the uncertainty we saw shaping up in the market.”

As the company invested heavily in podcasts and audiobooks in 2022, operating expenses grew at twice the speed of revenue, and they were forced to lay off 600 employees this month.

But Spotify expects margins to improve in 2023, as they focus on efficiency and forecast growth in monthly active users.

According to company predictions, listeners should reach 500 million in the first fiscal quarter of 2023.

Shares in the company were up 9% Tuesday morning from the news.