Reported about 13 hours ago
Spotify's shares fell nearly 8% in premarket trading after the company revealed disappointing second quarter user guidance, predicting monthly active users at 689 million, below analyst expectations. While Spotify's user base saw a 10% year-over-year increase in the first quarter, concerns linger around future operating income and gross margins. CEO Daniel Ek remained optimistic about the long-term outlook despite the current uncertainties, attributing high engagement and retention rates to the platform's freemium model.
Source: YAHOO