Spotify stock tumbled Tuesday despite strong user growth – NYSE: SPOT
Spotify [NYSE: SPOT] stock fell 14.26%, closing at $140.38 on Tuesday after the company’s Q2 report to investors.\
Spotify reported impressive growth in both paid and ad-supported users. Monthly active users (MAUs) surged a record 27% to 551 million, up 36 million, and subscribers grew 17% to 220 million, up 10 million.
But that was not enough for Wall Street, who focused on the streamer’s slightly lower-than-expected revenue, weak future guidance, and analyst concerns that a recent price hike could slow future growth,
In pre-market trading Wednesday, Spotify stock was up 2.32%, suggesting that the downward spiral may be over for now,
Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.
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