Friday, 24 March, 2023

Slow Ad Growth Reducing Spotify's Profit Margins, Stock Falls

<p>Spotify shares saw a 4% decline, hurt by sector-wide losses following Alphabet Inc., Google, missing market expectations for quarterly revenue as advertisers reduced spending. The third-quarter margins for Spotify, whose stock has lost 58.5% of its value this year, were worse than expected. The company blame this to &quot;softness in advertising,&quot; currency fluctuations, and retroactive royalty payments to songwriters and music publishers.</p>