Stock Alert: Spotify Tumbles 8% After Q4 Results

(RTTNews) - Shares of Spotify Technology S.A. (SPOT) are losing more than 8 percent or $29.03 in Wednesday's morning trade at $316.02 after the music streaming service's loss for the fourth quarter was reportedly wider than analysts' estimates and it provided a conservative outlook.

Wednesday, Spotify said its fourth-quarter net loss narrowed to 125 million euros or 0.66 euros per share from 209 million euros or 1.14 euros per share in the prior year. Total revenues grew 17 percent to 2.17 billion euros from 1.86 billion euros last year. Total monthly active users grew 27 percent year-over-year to 345 million and premium subscribers grew 24 percent to 155 million.

For the first quarter, Spotify expects operating loss in a range of 28 million euros to 78 million euros, total revenue of 1.99 billion euros to 2.19 billion euros, total monthly active users of 354 million to 364 million, and total premium subscribers of 155 million to 158 million.

For fiscal year 2021, the company projects operating loss in a range of 200 million euros to 300 million euros, total revenue of 9.01 billion euros to 9.41 billion euros, total monthly active users of 407 million to 427 million, and total premium subscribers of 172 million to 184 million.

Spotify has traded in a range of $109.18 to $370.95 in the past 52 weeks.