Spotify (SPOT) Q2 2020 earnings


Spotify Technology missed quarterly revenue expectations on Wednesday and forecast a soft current quarter, due mainly to a decline in ads as the Covid-19 pandemic kept advertisers at bay.

Shares of the Swedish company, up about 80% since the start of this year, fell 3% to $253 before the U.S. market open.

The results overshadowed a rebound in demand for music streaming as more users signed up for its services and paid subscribers reached 138 million, ahead of Wall Street estimates of 136.4 million.

Spotify, which leads the market for music streaming ahead of rivals such as Apple and Amazon.com, earns from paid subscriptions and by showing ads to non-paying users.

While monthly active users…

Source cnbc.com

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