Spotify earnings hit sour note
Published on: Saturday, November 03, 2018
NEW YORK: Spotify shares took a hit Thursday after a disappointing growth outlook offset the first-ever quarterly profit posted by the streaming music sector leader.Shares in the Swedish-based music group slid 5.7 per cent to close at $141.16 after the company's third quarter earnings report.Spotify said the number of paid "premium" subscribers rose to 87 million in the quarter, and it posted a first-ever profit of 43 million euros ($49 million) as a result of a tax adjustment.
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Total revenue was $1.35 billion, up 31 per cent from a year ago, largely in line with forecasts.But Spotify's growth outlook was weaker than expected, forecasting revenue increases of between 18 and 35 per cent in the coming quarter.Stay up-to-date by following Daily Express’s Telegram channel.
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