This statement stuck with investors, who saw Spotify Technology’s stock go down. The company’s Chief Financial Officer, Paul Vogel, also said this year would be similar to last year in terms of users and subscribers. Executives rushed to the scene to reassure investors but it is still ambiguous whether the recent Joe Rogan Experience podcast controversy had any part to play, or was there something else the market was experiencing. Wall Street expectations turned out to be higher this Wednesday, as Spotify stock plummeted in double figures. A slowdown expectation in subscriber outlook isn’t helping the cause. Spotify stocks saw a plunge of around 18% in late trading a few days ago. Shares took a breather after the results, falling about 4% in afternoon trading.īrian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Third quarter sales are pegged at €1.85 to €2.05 billion versus analyst estimates for €2.01 billion. Spotify sees third quarter monthly active users in a range of 312 million to 317 million, relatively in line with sell-side forecasts.

Revenue of €1.89 billion fell short of Wall Street estimates by about 3% owning to pressure on ad spending. Monthly active users rose 29% from the prior year to 299 million - the Street was looking for 298 million.

But all in well, a solid quarter considering the pressure on industry ad revenue amid the COVID-19 pandemic. “We are pretty serious in the podcasting space,” Spotify CFO Paul Vogel told Yahoo Finance in an interview Wednesday.Īs for second quarter earnings out Wednesday morning, they were obviously absent the Rogan boost.

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