Shares of Spotify Technology SA were moving 4% higher in Tuesday’s premarket action after the music-streaming company topped subscriber expectations for its...
Shares of Spotify Technology SA SPOT were moving 4% higher in Tuesday’s premarket action after the music-streaming company topped subscriber expectations for its latest quarter, though it posted a wider net loss than analysts were expecting. The company generated a first-quarter net loss of €225 million , or €1.16 a share, whereas it posted net income of €131 million, or €0.21 a share, in the year-earlier quarter. Analysts tracked by FactSet were anticipating a loss of €0.86 a share.
21 a share, in the year-earlier quarter. Analysts tracked by FactSet were anticipating a loss of €0.86 a share. Revenue rose to €3.04 billion from €2.66 billion a year before, while the FactSet consensus was for €3.10 billion. “Revenue growth was slightly below our expectations due to macro-related variability in our advertising business,” Spotify said in a shareholder presentation.
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