Subscriber outlook overshadowed fourth-quarter earnings as the company’s shares fell nearly 18% in late trading
Highlights
- Spotify forecast current-quarter subscribers lower than Wall Street expectations.
- Company’s shares fell as much as 18% in late trading after Spotify reported the subscriber outlook.
- The outlook overshadowed fourth-quarter revenue, which came in higher than analysts’ estimates.
- CEO Daniel Ek acknowledged the Joe Rogan controversy at the outset of the earnings conference call.
- He said he was proud of the steps Spotify took following the concerns raised by the medical and scientific communities and he said policies were developed with input from external and internal and external exports.
- The company expanded its paid podcast subscriptions in 33 more markets and enabled podcasts for users in Russia, Egypt and Saudi Arabia, CEO Ek said.