The Clap
Shares of Spotify (NYSE: SPOT) were down more than 12% despite reporting better-than-expected revenue & profit.
Then why’d it fallen?
The streaming giant missed on ad revenues, which make up 11% of its revenue, as well as paid subscribers.
Ad revenues
Despite its ad revenues reaching an all-time high of 282 million euros, it fell short of the expected 302 million euros.
Paid subscribers
The platform’s paid subscribers also performed relatively well, recording a 15% YoY increase, but still missing expectations by 1 million subscribers. It’s worth noting that Spotify had said that its exit from Russia led to a loss of 1.5 million subscribers.
