Todd Spangler NY Digital EditorSpotify shares closed down 12.4% Wednesday — hitting their lowest point in the company’s history as a public company — after the audio streamer’s paid-subscriber numbers disappointed investors.
The chief concern pushing the stock down seemed to be that Spotify may be on the same trajectory as Netflix in hitting a wall in subscriber growth.The stock ended the day at $96.67 per share, giving Spotify a market capitalization of less than $19 billion.
That’s down from a high of about $69 billion in February 2021, when the company was riding high on COVID-related tailwinds.Investors appeared to react to Spotify adding just 2 million Premium subscribers, to reach 182 million, in the first quarter of 2022.
That was lower that the expected 3 million net adds on the paid-user front, while Spotify topped forecasts for overall monthly users (both free and paid).
Read more on variety.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.