2/17/2023 0 Comments Why did spotify stock dropFrom a revenue standpoint, advertising was negatively affected in the back half of Q1 and persisted throughout the rest of the year,” Spotify said in its letter to shareholders. “In 2020, we believe the pandemic had little impact on our subscriber growth and may have actually contributed positively to pulling forward new signups. Average revenue per user dropped 8% compared to the same time a year ago, though, to about $5.13, and Wall Street likely docked the company for warning the year ahead could be rocky due to the coronavirus pandemic. The new premium customers pushed Spotify to 155 million paying users overall, but Wall Street looks to be dinging the company for posting a loss of €125 million, or about $150 million, and falling short of analysts’ Q4 revenue projections.įor Q4, Spotify reported a loss of 66 cents per share, which was a bit more than the 55 cent loss per share analysts estimated Spotify also reported $2.59 billion in revenue, narrowly topping projections. Spotify’s stock price dropped 8% when markets opened on Wednesday, hours after the streaming heavyweight reported it added 11 million paying customers during the holiday quarter.
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