Spotify missed big on its bottom line. Investors sold the stock on the news. In recent after-hours trading, shares in the streaming music company were down $14.30 a share, or 8.41%, to $155.70
The streaming music company’s number of paying subscribers grew to 75 million during the first three months of the year, in line with expectations and maintaining Spotify’s lead in a heated battle with Apple Music, which has 40 million paying subscribers. But diminishing revenue-per-user, as Spotify races to boost its membership through discounted family and student plans, took a toll.
