Spotify Stock Slides 4% Despite Higher Revenue And Profit In Q1

(RTTNews) - Spotify Technology S.A. (SPOT) dropped 3.71 percent to $575.54, down $22.18 during Tuesday's trading, following the release of its first-quarter results. The company reported revenue of 4.1 billion euros, up from 3.6 billion euros a year earlier.

Shares opened at $558.00 and moved between $540.15 and $565.88 during the session on the New York Stock Exchange. Trading volume reached 4.88 million, well above the daily average of 2.60 million.

Spotify's 52-week range is $280.37 to $652.63.

Net income attributable to shareholders rose to 225 million euros from 197 million euros in the prior-year quarter.