Spotify Shares Tumble After Revenue, Outlook Come Up Light
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Spotify Technology SA fell 14.3% in New York trading after the audio streaming giant reported sales that came up short of analysts’ expectations and issued a forecast that was also light.
Second-quarter revenue, up 11% to €3.18 billion ($3.51 billion), missed the average estimate of €3.21 billion. Sales this period will be about €3.3 billion, the company said Tuesday, shy of the €3.42 billion analysts were forecasting.