economy
Spotify stock plummets after earnings beat expectations as guidance disappoints
The Swedish audiostreamer's soft guidance overshadowed an earnings beat.
TL;DR
- Spotify's stock dropped over 13% following its earnings report.
- The company beat earnings estimates but provided soft guidance for the current quarter.
- First-quarter revenue rose 8% to 4.5 billion euros, with monthly active users reaching 761 million.
- Premium subscribers grew 9% to 293 million.
- Second-quarter guidance for net premium subscribers was slightly below expectations.
- Operating income guidance was also lower than anticipated by analysts.
- Spotify has previously increased subscription prices to boost profitability.