Spotify stock (SPOT) sinks 6% as Q3 monthly active users forecast of 788 million misses estimates of 793.5 million
Spotify's third-quarter forecast for monthly active users (MAUs) and operating income fell short of analysts' expectations, leading to a 6% drop in its shares during early trading on Tuesday. The streaming giant expects 788 million MAUs for the current quarter, below the consensus estimate of 793.5 million. It also forecast Q3 operating income of approximately $771 million, missing expectations of about $784 million. This comes despite the company reporting Q2 premium subscribers of 300 million, which topped expectations.
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