Spotify is making more headlines tonight - and not in a good way for shareholders.
Revenues coming in at EU2.69 billion, +24% YoY, (slightly beating the EU2.65 billion expectation).
The loss per share was almost half of that expected -21c/shr versus -39c/shr.
Monthly active users were at 406 million, +18% YoY, in line with the estimate of 406.1 million.
And average rev. per user was EU4.40, considerably better than the estimate of EU4.31.
But that was over-shadowed by guidance.
The company said it would end the first quarter with 418 million total users and 183 million paid subscribers, shy of Wall Street forecasts on both numbers (422 million and 185.3 million expected).
The company didn’t provide a reason for the shortfall, though it did say the uncertain environment of Covid-19 made it harder to forecast.
This sent shares reeling after hours, down 20% to its lowest since May 2020...
There was no mention of Joe Rogan in the press release.
Spotify will no longer issue a full-year guidance, but it does plan to host an investor day late this year to update people on its strategy.