Why Spotify Technology Stock Dropped 18.9% Today
Shares of streaming music and podcast company Spotify Technology (NYSE: SPOT) fell as much as 18.9% in early trading on Thursday after reporting fourth-quarter results. Shares were down 15.9% at 11:50 a.m. ET today and were bouncing near a 52-week low.
Spotify reported a 24% increase in revenue in the quarter to $2.7 billion as total monthly active users jumped 18% to 406 million. The company reported a net loss of $39 million, or $0.21 per share. On an adjusted basis, the loss was $0.24 per share, which easily bettered the $0.48 loss that analysts expected.
Image source: Getty Images.
Source Fool.com
