Spotify [SPOT] stock is down 60% since Jan. 1 after Wednesday selloff

UPDATE 2: Spotify stock ended Wednesday down 12.44% despite a Q1 report that showed both subscriber growth and rising revenue.

That was not enough for investors who sent the stick falling to its lowest closing price ever and down more than 60% since the start of the year.

Overall markets faired better on Wednesday with the SP 500 up ,21% and the tech heavy NASDAQ down only ,01% for the day.

Spotify fought some strong headwinds last quarter incuding a Joe Rogan controversy that saw some artists pull music off the platform, an exit from the Russian market which cost 1.5 million subscribers, and overall consumer streaming fatigue.

But the streamer failed to meet revenue projections bringing in $2.8 billion (up 23.7% Y/Y) or $148 million less than anticipated.

That plus a projected Q2 loss of $208 million and weak future growth and revenue projections appear to be what sent investors running for the door.

MORE ON SPOTIFY’S Q1 2022 REPORT: Spotify adds users despite Joe Rogan, Russia exit, streaming fatigue.

Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.