Spotify Has Worst Day as Public Company After Growth Disappoints
- Shareholders had become increasingly bullish over past month
- Company has pitched itself as dominant player in streaming
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Spotify Technology SA suffered its worst stock decline since becoming a public company, slammed by investors who weren’t impressed with a 45 percent jump in subscriptions last quarter.
The shares tumbled as much as 11 percent on Thursday after the music-streaming service said it reached 75 million premium users last quarter. Though the number matched Spotify’s projections, it wasn’t the breakout growth shareholders expected after a strong debut on the New York Stock Exchange last month.