Many analysts say that slow subscriber growth in the first quarter is to blame, while the company is expecting three million premium subscriber growth. The streaming music company’s stock dove around 18% as a result of after-hours trading. “While we have not given full year guidance anymore on subscribers … we don’t expect a material difference in the net additions for either users or subscribers in 2022 relative to 2021,” CFO – Paul Vogel told Reuters. This statement stuck with investors, who saw Spotify Technology’s stock go down. The company’s Chief Financial Officer, Paul Vogel, also said this year would be similar to last year in terms of users and subscribers. Executives rushed to the scene to reassure investors but it is still ambiguous whether the recent Joe Rogan Experience podcast controversy had any part to play, or was there something else the market was experiencing. Wall Street expectations turned out to be higher this Wednesday, as Spotify stock plummeted in double figures. A slowdown expectation in subscriber outlook isn’t helping the cause. Spotify stocks saw a plunge of around 18% in late trading a few days ago.
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