Overall, the Spotify growth story remains intact, but the sell-off seems understandable given the weaker-than-expected subscriber growth and the broader shift in sentiment against growth stocks. antitrust tiff with tech behemoth Apple (NASDAQ: AAPL ), which is a company that’s also continuing to build. Spotify also called for a 20% increase in revenue to 2.8 billion euros, and an operating loss of 197 million euros, which includes 50 million in unfavorable foreign exchange. SPOT stock’s weakness could come down to Spotify’s unresolved and well-telegraphed E.U.
That forecast assumes it will lose another 600,000 subscribers from its withdrawal from in Russia. Spotify sees premium subscribers increasing to 187 million, compared to estimates at 189.4 million. The investor event the company plans to host in the second quarter could be a catalyst for shares, BofA said. What weighed on the streaming stock was its outlook for the second quarter as the subscriber forecast missed estimates. Shares of audio platform Spotify Technology (NYSE: SPOT) were down 20.2 in September, according to data provided by S&P Global Market Intelligence. It also signed a long-term partnership with the soccer club FC Barcelona, and it expanded its two-sided marketplace, allowing more artists to create sponsored recommendations. With hundreds of millions of users around the globe, Spotify (NYSE: SPOT) is one of the most well-known stocks out there.
Spotify continues to see strong growth in its podcasting segment with the number of podcasts on the platform up from 3.6 million in the fourth quarter to 4 million.
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