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).
It was 'game on' for sports bettors in the state of New York, as mobile betting kicked off on four major betting operating platforms Saturday. This comes at an exciting time for sports fans with some of the biggest NFL games of the season right around the corner. Cam Rogers - Host of Lock It In with Cam Rogers, Betting Analyst at the Bleav Podcast Network joined Cheddar's Opening Bell to discuss.
Take-Two Interactive is set to buy Zynga for $12.7 billion. The deal marks the latest blockbuster acquisition in the video game industry. The massive deal will bring the maker of popular mobile games like 'Farmville' and 'Words with Friends' under the scope of Take-Two, the company behind 'Grand Theft Auto' and 'NBA 2K.' Kenny Rovello, President & Co-Founder of Arkadium, joined Cheddar's Opening Bell to discuss.
The United States purchased over 600,000 doses of a monoclonal antibody treatment from Glaxosmithkline and Vir Biotechnology, bringing the total worldwide doses purchased to 1.7 million. This comes as the country attempts to ramp up treatment options as cases of the omicron variant continue to surge. Dr. Asha Shah, Director of Infectious Diseases at Stamford Health joined Cheddar's Opening Bell to discuss.
GameStop is getting into the NFT and crypto space. The video game retailer announced the launch of an entire division aimed at creating a marketplace for NFTs and other crypto partnerships. The move comes as part of a turnaround plan by GameStop which has struggled in recent years as gamers shift away from physical game releases. Patrick McConlogue, CEO, Overline & Former Citadel Investment Group Engineer joined Cheddar's Opening Bell.
Max Bichsel, vice president at Gambling.com Group joins Cheddar News to talk about the growing sports betting industry, New York legalizing mobile betting, and 2022 predictions for the sector.
Meta's request to have a Federal Trade Commission antitrust lawsuit dismissed was rejected by a federal judge. Prosecutors presented enough evidence in their latest filing to go forward with the case accusing the tech giant of operating a social networking monopoly through Facebook, Instagram, and WhatsApp.
Mario Stefanidis, Vice President of Research at Roundhill Investments, joined Wake Up With Cheddar to break down the implications of the Take-Two deal to purchase Zynga, as the gaming giant looks to become a major player in mobile gaming.
Investors were on edge on Monday following bitcoin plummeting below the $40,000 dollar mark, hit its lowest price since September. The world's largest crypto has had months of hot and cold streaks, hitting a record high of $69,000 just months earlier in November. The latest drop now has analysts wondering just what 2022 will have in store for bitcoin and crypto as a whole.
Budd White, Chief Product Officer at Tacen explains what’s next for bitcoin and what other cryptos should be on the lookout for.
