Spotify reported its first quarterly earnings since going public last month, and its stock quickly took a nosedive Wednesday in after-hours trading.
Shares of the music streaming service fell about 8 percent after investors were seemingly disappointed by the company's outlook.
Spotify met most expectations: 170 million monthly active users and 75 million paid subscribers. Revenue was right in line with expectations at around $1.34 billion.
However, guidance for the current quarter was uninspiring. Revenue growth looks flat-ish, projected to be between $1.3 billion to $1.6 billion. (Thomson Reuters estimated less than $1.6 billion.) And Spotify is still losing money ー more than $200 million last quarter, though that's less than the previous quarter.
Not everyone is disappointed in Spotify. Mike Vorhaus, the president of Magid Advisors, said he was impressed by the company's performance in a crowded, competitive market.
"When you are competing successfully with names like Apple and Amazon, and you continue to grow, that's a very very good sign," he said in an interview Wednesday with Cheddar.
Vorhaus said Spotify has great potential, and the company already has a critical mass of reliable customers and two strong business models.
"As advertising increases in the mobile world, that is going to be big for Spotify as well," he said.
Spotify (announced a mobile redesign) [https://mashable.com/2018/04/24/spotify-mobile-app-redesign-free-tier-on-demand-playlists/#wiPqtX_toqqb] last week that has users and tech fans buzzing. The new app is purportedly faster and will make it easier for non-paying users to access specific songs from playlists. There will also be a new "Data Saver" mode that will help users reduce their data usage by up to 75 percent when using 3G.
For the full segment, [click here](https://cheddar.com/videos/spotify-reports-for-the-first-time-and-tesla-reports-less-of-a-loss-than-expected).
Nicolas Halftermeyer, Communications & Product Branding Director, SoftBank Robotics, and Emile Kroeger, Robotics Engineer, Humanizing Technologies, join Cheddar Reveals to unveil Pepper and NAO, the humanoid robots designed to interact with humans.
On this episode of Cheddar Reveals, Christopher Atkeson, roboticist and a professor at the Robotics Institute and Human-Computer Interaction Institute at Carnegie Mellon University, discusses what the robots of the future will look like, the role they will play in society and different industries, and if they will they ever reach human-level sentience; Nicolas Halftermeyer, Communications & Product Branding Director, SoftBank Robotics, and Emile Kroeger, Robotics Engineer, Humanizing Technologies, unveil Pepper and NAO, the humanoid robots designed to interact with humans; Cheddar gets a look at Curiosity Stream's 'iHuman.'
Christopher Atkeson, roboticist and a professor at the Robotics Institute and Human-Computer Interaction Institute at Carnegie Mellon University, joins Cheddar Reveals to discuss what the robots of the future will look like, the role they will play in society and different industries, and if they will they ever reach human-level sentience.
When it comes to diversity in children's toys, we have come a long way as a society but we still have a ways to go. One group of students decided to take matters into their own hands. Truly You! Character Creator is a fashion illustration activity set made for youth by youth. Lindsay Buckingham, one of the toy’s creators, sat down with Cheddar News to talk all about it.
Apple revealed its plans for new IOS software, products, and more at its Worldwide Developers Conference. However, new features added to iMessage, including options to delete and edit already sent text messages, stole the show.
Meta's announcement that COO Sheryl Sandberg will be stepping down from her role after 14 years with the company has left investors wondering about the tech giant's future. Doug Astrop, a managing partner at Exponential Investment Partners (an investor in Meta), joined Cheddar News to discuss what the personnel change to Javier Olivan means for investors and the future of the Meta. "They are bringing somebody up who's been there a long time, who has been the chief revenue officer, and so I don't think it means major changes," he said. "but symbolically it's important and significant."
Vinay Ravuri, Founder and CEO at EdgeQ, breaks down an all-new solution to unlock the full potential of edge computing and create a hyper-connected world; Cheddar gets a look at Curiosity Stream's 'Work in Progress.'
