Spotify stock tanks 13% as company misses analyst estimates on subscriber outlook

What happened: Spotify (SPOT) shares tanked 14% successful aboriginal trading connected Tuesday.

What’s down the move: The integer euphony and streaming work missed its second-quarter premium subscriber outlook. The institution sees full premium subscribers coming successful astatine 299 cardinal versus a statement estimation of 300.29 million. That weaker forecast overshadowed a first-quarter summation successful premium paying customers, and a gross leap of 8.2%.

What other you request to know: Earlier this twelvemonth Spotify raised prices for its premium subscription, pursuing hikes successful anterior years successful a determination to amended its bottommost line. The banal is down 25% year-to-date, and much than 40% disconnected its all-time precocious from past twelvemonth arsenic investors person been reseting maturation expectations.

Ines Ferre is simply a elder concern newsman for Yahoo Finance. Follow her connected X astatine @ines_ferre.

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