What happened: Spotify (SPOT) stock tanked 6% in early trading on Tuesday.
What's behind the move: The digital music and streaming service gave a weaker-than-expected third quarter forecast for monthly active users (MAUs) and operating income.
Spotify said it expects monthly active users in the current quarter to reach 788 million versus a consensus estimate of 793.5 million, according to Bloomberg data.
The company also expects total premium subscribers to be 305 million, falling just shy of the expected 305.3 million.
Spotify forecast third quarter operating income of approximately $771 million, below ****** ysts' expectations of about $784 million.
#million
What's behind the move: The digital music and streaming service gave a weaker-than-expected third quarter forecast for monthly active users (MAUs) and operating income.
Spotify said it expects monthly active users in the current quarter to reach 788 million versus a consensus estimate of 793.5 million, according to Bloomberg data.
The company also expects total premium subscribers to be 305 million, falling just shy of the expected 305.3 million.
Spotify forecast third quarter operating income of approximately $771 million, below ****** ysts' expectations of about $784 million.
#million
3 months ago
