Stock Alert: Spotify Technology Down 9% Despite Improved Results

(RTTNews) - Swedish audio streaming service provider Spotify Technology S.A. (SPOT) is trading 9 percent down on Thursday even as the company reported improved results in the first quarter.

It reported first-quarter net income of 23 million euros, up from 1 million euros in the same period last year.

On a per share basis, however, the company's loss widened to 0.25 euro from 0.20 euro in the year-ago quarter.

Total revenues rose 16 percent to 2.15 billion euros from 1.85 billion euros in the prior-year period.

The stock was trading at $263.27, down $30.16 or 9 percent on the NYSE.

SPOT has traded between $143.01 and $387.44 during the last 52-weeks.