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Spotify earnings hit sour note on Wall Street

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  • Spotify earnings hit sour note on Wall Street

    Spotify shares took a hit Thursday after a disappointing growth outlook offset the first-ever quarterly profit posted by the streaming music sector leader.

    Shares in the Swedish-based music group slid 5.7 percent to close at $141.16 after the company's third quarter earnings report.

    Spotify said the number of paid "premium" subscribers rose to 87 million in the quarter, and it posted a first-ever profit of 43 million euros ($49 million) as a result of a tax adjustment.

    Total revenue was $1.35 billion, up 31 percent from a year ago, largely in line with forecasts.

    But Spotify's growth outlook was weaker than expected, forecasting revenue increases of between 18 and 35 percent in the coming quarter.

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