Todd Spangler NY Digital EditorShares of Spotify took a hit after analysts at Citi downgraded the stock because the audio-streaming giant hasn’t shown “any material benefit” from its $800 million-plus investment in podcasting content and tech.Spotify’s stock price fell more than 5% Friday in morning trading, outpacing smaller declines in the broader market.
Shares of the company more than doubled in value last year on investor enthusiasm for Spotify’s strategy, including its push into podcasts.“The cadence of Premium gross additions (through 3Q20) and app download data (through 4Q20) do not show any material benefit from recent podcast investments (that began in 2019),” the team of Citi analysts led by Jason Bazinet said in a research note.
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