Why Spotify's Shares Plunged 10% on Wednesday
Shares of streaming music and podcast company Spotify (NYSE: SPOT) fell as much as 10% in trading on Wednesday after reporting fourth-quarter 2020 earnings. Shares came slightly off those lows but still closed the day down 8.2%.
Revenue jumped 17% versus a year ago to $2.58 billion, and net loss was $125 million, or $0.79 per share on an adjusted basis, which pulls out one-time items. Analysts were expecting revenue of $2.61 billion and a loss of $0.69 per share.
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Source Fool.com
