Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Spotify Stock Dropped Today

TheMotleyFool

0 0

Shares of Spotify (NYSE: SPOT) fell 12% Wednesday after the streaming music and podcast company released its first-quarter earnings report.

Spotify's revenue climbed 16% year over year to $2.6 billion. Its free cash flow, meanwhile, improved to nearly $50 million, compared to negative $25 million in the year-ago period. The gains were fueled by a 21% rise in premium subscribers, to 158 million.

Many people have turned to digital forms of entertainment while cooped up at home during the pandemic. Podcast and streaming music providers, in turn, have enjoyed increased demand for their services.

Source Fool.com

Like: 0

SPOT

Share