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Spotify Has Worst Day as Public Company After Growth Disappoints

Lucas Shaw
Spotify Has Worst Day as Public Company After Growth Disappoints

Spotify Technology SA suffered its worst stock decline since becoming a public company, slammed by investors who weren’t impressed with a 45 percent jump in subscriptions last quarter. Spotify has pitched itself as the dominant player in music streaming, and Chief Executive Officer Daniel Ek has set out to claim the largest share of a market that should one day number billions of people. “While the fundamentals look solid and Spotify came in line with its guidance, today’s after-hours stock reaction can be viewed as an expectations correction,” said Rohit Kulkarni, an analyst at SharesPost Inc.