Spotify Shares Fall After Reporting First Earnings Report Since Going Public

Traders were on their toes waiting for Spotify to report earnings for the first time on Wednesday.

Shares however plunged about 8% in extended hours after reporting mixed first quarter results and a lackluster outlook for the current quarter.

The company reported revenue of $1.37 billion, which was in line with estimates. Paid subscribers at 75 million, was behind the 75.1 million expected.

Looking ahead, Spotify has projected revenue in the range of $1.32 billion to $1.56 billion. This is compared to the $1.55 billion that analysts were waiting for.

Spotify has also called for subscribers to hit 79 to 83 million for the current quarter compared to 82.1 million expected by analysts.

Disclaimer: We have no position in Spotify Technology (NYSE: SPOT) and have not been compensated for this article.