Spotify:Stock falls after forecast
From Reuters, Stockholm/Los Angeles
The music streaming provider Spotify disappointed investors with its forecast for user numbers. In the current quarter, the number of paying customers is likely to be 183 million, the Swedish company announced. Experts had expected more. The stock fell 22 percent after the trading session, but was then able to limit the losses. After all, Spotify’s sales rose to almost 2.7 billion euros in the fourth quarter, from 2.17 billion euros in the previous year. Spotify justified the plus with the sale of more advertising and new offers such as podcasts. The company relies heavily on the programs and has invested more than a billion euros in them in four years.