Shares of Spotify Technology S.A. (SPOT) dropped nearly 14% on Tuesday morning after its latest earnings release.
The stock is currently trading at $428.84, down $66.98 or 13.51%, on the NYSE. It opened at $495.82 after closing the previous session at $495.82. The stock has traded between $241.00 and $525.00 over the past 52 weeks.
Spotify reported first-quarter revenue of 4.53 billion euros, up 8% year-over-year, while operating income surged to 715 million euros from 509 million euros, reflecting strong margin expansion.
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