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On Wednesday, Spotify Technology (SPOT) disappointed on its earnings and outlook but beat on subscribers and total users

Spotify shares were down as much as 10 percent during Wednesday's session.

Here are the details from the earnings report:

  • EPS: -$0.79 versus analyst expectations of -$0.69
  • Sales: $2.58 billion versus analyst expectations of $2.61 billion

Spotify added 11 million paid subscribers in the quarter, bringing the total to 155 million subscribers worldwide. Analysts expected the company to add 9 million new subscribers. Furthermore, the company reported 345 million monthly active users, up 27 percent year-over-year.

The music and podcasting company also released guidance that expects to lose $63.6 million on sales of $2.51 billion in the first quarter. Analysts were forecasting that guidance for the quarter would have revenue at $2.69 billion.

Truist Securities analyst Matthew Thornton stated that Spotify's financials and guidance were disheveled by unpredictability in foreign-exchanges.

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