Despite record quarterly user growth to 551 million and Monday’s price increase in 50 countries, investors dove Spotify stock down as much as 6.1% in pre-market trading Tuesday. Here’s an update.
Spotify reported revenue of €3.18/$3.41 billion, below analyst forecasts of €3.21/$3.55 billion. Full-year revenue guidance was also worse than analysts expected. The streamer also sent mixed signals about whether the recent subscription price increases would slow paid user growth.
As of 8:30 AM Tuesday, Spotify stock was at $154.02, down $9.70 or -5.92% in premarket trading.
