Spotify is tumbling after its earnings miss (SPOT)

pulse

May 2, 2018 4:22 PM

Spotify is falling 7% to just above $158 a share in post-market trading after reporting an earnings miss Wednesday afternoon.

The stock is tumbling in post-market trading.

Spotify is falling 7% to just above $158 a share in post-market trading after reporting an earnings miss Wednesday afternoon.

The streaming-music giant reported earnings-per-share of -1.01 euros, badly missing the Wall Street consensus of -0.23 euros per share. Revenue came in at 1.14 billion euros, in line with analyst expectations.

Spotify went public in early April through a direct public offering. Unlike a traditional IPO, Spotify skipped having an investment banker and didn’t have a set price at which the shares hit the public market.

Wednesday afternoon marks the first time Spotify reported its results as a public company.

Spotify is up 7.19% since its public offering.

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