Spotify stock tumbles after hours as subscriber forecast comes in low
Amid controversy, Spotify Technology SA said Wednesday it expects fewer subscriber additions in the first quarter than Wall Street expected, and shares plunged in after-hours trading.
Spotify shares dove more than 18% in after-hours trading immediately following the release of the report Wednesday, after closing with a 6.2% decline at $190.93 in the regular session. “Spotify has become the home of life-threatening COVID misinformation,” Young wrote in a blog post confirming his music was being taken off the service. “Lies being sold for money.”
While being optimistic about 2022 in general, executives did not get specific, avoiding an annual forecast that they have provided in years past. In the letter, they said that “since the vast majority of our initiatives are multiyear in nature and measured as such, we no longer plan to issue annual guidance.”
“The key to watch here is the cadence of Premium Net Adds in the FY22 guidance,” Evercore ISI analysts wrote in a preview of Spotify’s report. “While we expect new geo expansions to serve as a tailwind for [user] growth, we would look for commentary on the potential implication of emerging markets rollout on Subs conversion, esp. as price plans vary across geos.”
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