Spotstock sinks on weak Q2 profit forecast
Spotify's stock price dropped after the company issued a lower-than-expected profit forecast for the second quarter. The streaming giant projected Q2 operating income of €630 million, falling short of analyst estimates of €684 million. The news caused shares to decline, reflecting investor disappointment with the company's near-term profitability outlook.
Key facts
- Spotify stock fell after weak Q2 profit forecast
- Q2 operating income projected at €630 million
- Analyst estimates were €684 million
- Shortfall of €54 million
- Investor sentiment turned negative
- Stock price declined on the news
- Forecast issued by the company
- Q2 refers to second quarter of fiscal year
Entities
Institutions
- Spotify
Sources
- Quartz —