Post Malone performs on stage as Spotify hosts an evening of music with star-studded performances with The Black Keys and Post Malone, during Cannes Lions 2022, at Spotify Beach on June 22, 2022 in Cannes, France. (Photo by Antony Jones/Getty Images for Spotify)
Locked
Spotify has biggest slump since May on profitability concerns
Spotify reported third-quarter ad revenue increased 19%, but said sales were slower than expected due to a “challenging macro environment.”
By Ashley Carman
(Bloomberg) — Spotify Technology SA, a leader in music streaming, tumbled after saying profit margins may narrow due to programming costs.
The shares fell as much as 9.5% on Wednesday, the biggest intraday decline since May 9. The stock has lost more than 60% this year.
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