Spotify shares sink as sales fall short

Q2 revenue, up to €3.18 billion, missed the average estimate of €3.21 billion

Shares of Spotify, which finished the quarter with 551 million active users, closed at $140.38 in New York. Picture: Getty

Spotify’s shares plummeted 14.3 per cent in New York trading after the audio streaming giant reported sales came up short of analysts’ expectations.

It comes as the platform raised its prices in 53 countries, including Ireland.

Second-quarter revenue, up 11 per cent to €3.18 billion, missed the average estimate of €3.21 billion. Sales this period will be about €3.3 billion, the company said Tuesday, shy of the €3.42 billion analysts were forecasting.

Shares of Spotify, ...