At the bell on the New York Stock Exchange today (October 29), Spotify stock fell to an all-time day-close low of $139.11.
The previous lowest point at day-close for Spotify’s stock on the NYSE came on its third ever day of trading (April 5) at $143.99.
That is over $10bn lower than the $35.3bn market cap Spotify’s stock achieved at its height, on July 26, when the firm’s share price reached $196.28.
Today’s stock price ($139.11) is down close to a third (-29%) on that peak performance three months ago.
Spotify’s stock has in part been hit by macro trends affecting the global stock market and, in particular, tech stocks.
Spotify generated €1.27 billion ($1.5bn) in revenue in Q2 2018, up 26% year-over-year.
That performance was in line with estimates, but the firm missed analyst expectations on Earnings Per Share, where it saw a loss of -€2.20.Music Business Worldwide