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Spotify stock plummets after earnings beat expectations as guidance disappoints
Shares of Swedish audio-streamer Spotify fell over 13% after the market opened Tuesday, as soft guidance overshadowed an earnings beat.
The company said first-quarter revenue rose 8% from last year to 4.5 billion euros ($5.3 billion), while monthly active users (MAUs) rose 12% year-on-year to 761 million, both slightly above FactSet estimates.
Premium subscribers grew 9% to 293 million, reflecting 3 million quarterly net adds, Spotify said.Â
For the current quarter, Spotify expects to add 17 million net users to reach 778 million MAUs. It expects to grow its premium subscribers by 6 million to 299 million.
While second-quarter MAU guidance was slightly above Wall Street's expectations, net premium subscribers had been expected to grow to just over 300.4 million, according to analysts polled by FactSet.
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