Spotify Q2 Fell Short on COVID-19, Glitch; Stock Down
Spotify fell short of its monthly average user guidance for Q2 on “ongoing COVID-19 headwinds” and a “temporary issue” with user intake on a third-party platform, said CEO Daniel Ek on a Wednesday call. MAUs grew 22% year on year…
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to 365 million. There was “user sign-up issue” with email verification on a third-party platform that created “unexpected intake friction,” management said. Chief Financial Officer Paul Vogel said this “was on our end” due to a change “not caught soon enough” that had a 1 million-2 million impact on MAU growth. It's corrected, he said. Q2 revenue exceeded expectations at $2.7 billion, up from $2.2 billion year on year. Shares closed down Wednesday 5.7% at $223.32.