Sleep Cycle cuts 40% of staff after Altor takes majority stake

Sleep Cycle, a Swedish sleep app company, is laying off about 40% of its workforce and ending consulting contracts to save 35 million kronor, following Altor's recent acquisition of a majority stake. The move signals aggressive cost-cutting under new private equity ownership, likely to improve profitability but may impact growth. The layoffs are a notable operational shift for the company, though the broader market impact is limited.