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Spotify Adds 8 Million Paying Subscribers, Misses on Q2 Sales Estimates

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Also Read: Barack Obama Joins Michelle Obama's Spotify Podcast as Inaugural GuestAfter warning the service had seen a “modest” drop in consumption due to the coronavirus pandemic at the end of the first quarter, Spotify on Wednesday, in its letter to shareholders, said “global consumption hours have recovered to pre-COVID levels.”As mentioned above, Spotify’s stock price dropped to $254.20 in premarket trading — about $45 below its all-time high, hit earlier this month.“Our business performed well in Q2 and continues to operate at a high level despite the continuing uncertainty surrounding the Covid-19 pandemic,” Spotify added in its letter to shareholders. “Excluding the impact of social charges related to the increase in our share price.

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