Stock Alert: Spotify Technology Down 5% On Earnings Results

(RTTNews) - Shares of Spotify Technology S.A. (SPOT) are losing more than 5 percent in the morning trade on Wednesday, to $146.14, after the music streaming giant reported a loss for the fourth quarter. The stock has been trading in a range of $110.57 to $161.38 in the past 52 weeks.

Wednesday, Spotify stated that its fourth-quarter net loss to owners of the parent was 209 million euros, compared to profit of 442 million euros in the prior-year period. Loss per share was 1.14 euros, compared to profit per share of 0.36 euros. Revenue for the quarter increased to 1.86 billion euros from 1.50 billion euros in the year-ago period.

For full year 2020, Spotify projects operating loss in a range of 150 million euros to 250 million euros. Spotify also said it has agreed to acquire The Ringer, a creator of sports, entertainment and pop culture content. The Ringer was founded by Bill Simmons in 2016. The transaction is expected to close in the first quarter of 2020. Terms of the transaction were not disclosed.