Here's What Spotify Said During Its Earnings Report
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On Wednesday, Spotify Technology's earnings report revealed that the company missed quarterly revenue expectations, according to CNBC.
The company also forecasted that it will be a slow quarter as ad revenue decreases amid cost-cutting techniques during the coronavirus pandemic. Shares of the company are up 80 percent year-to-date. Shares dipped into the low $250s throughout the week.
However, Spotify's subscriber count increased as consumers started to sign up for memberships. Wall Street estimated that Spotify's total number of subscribers would amount to 136.4 million, but the company reported paid subscribers at 138 million.
