Spotify Technology S.A.
(NYSE:SPOT) stock fell Tuesday after the music streaming company reported second-quarter results that missed Wall Street earnings and revenue estimates and issued weaker-than-expected guidance for third-quarter monthly active users.
The company posted second-quarter earnings of $3.03 per share, missing the analyst consensus estimate of $3.29.
Revenue increased 14% year over year to $5.554 billion (4.78 billion euros), below the Street estimate of $5.600 billion.
The Financial Times reported that Spotify's profits were pressured by higher spending on marketing and artificial intelligence, raising investor concerns about whether the music streaming giant can sustain its growth as the streaming market matures.
