Monday, 22 October, 2018

Spotify shares jump 22% in early trading on Wall Street

Coca COla Bottles of Coca Cola Scott Olson Getty Images
Julia Gonzales | 04 April, 2018, 01:28

Its shares opened at $165.90, up almost 26 percent from a reference price of $132 a share set by the NYSE late on Monday, but later pared gains to trade at $149.30, as some investors expressed concerns about the company's costs and the difficulty of competing against Apple.

Analysts had anxious ahead of Spotify's direct listing that forgoing hiring investment banks as underwriters or holding traditional promotional events with institutional investors could mean volatility once formal trading kicked off.

Track Spotify's stock in real time here.

"Donald Trump's tweeted attacks on Amazon don't help lift sentiment towards the sector either". That means that if the stock plunges, there is no big bank to prop up the share price with more share purchases.

In fact, it has lost more than €2.4 billion (£2.1bn) over that period.

Spotify is based in Stockholm, Sweden; not Switzerland.

Spotify is banking on strong subscriber growth for a boost - for 2018 it expects its number of premium subscribers to hit 92 to 96 million. Taylor Swift released a new "Delicate" music video on Spotify last month. Currently, the music streaming service boasts 71 million paying subscribers, an impressive figure given that Spotify only had 20 million paid subscribers in June of 2015. Shares for Facebook, Netflix and Google's parent company Alphabet also rose slightly today, following weeks of uncertainty.

Leonard return to Spurs remains unclear
He has been cleared by team doctors but has not felt 100 percent comfortable on the leg when attempting to play or practice. Leonard initially sought treatment within the organization before consulting with a specialist in NY on January 16.

Spotify, the global streaming music leader could face a rocky reception from investors, Chief Executive Daniel Ek warned fans and employees ahead of a highly anticipated NY market listing on Tuesday.

Spotify is the biggest company to ever go public via direct listing, and the first on the NYSE.

"I have no doubt that there will be ups and downs as we continue to innovate and establish new capabilities".

Despite Spotify's significant posted loss in 2017, according to a blog post by founder and CEO Richard Ek, the company's public listing isn't about raising capital or an "initial splash". Spotify has allowed its own employees and shareholders to buy and sell stock for years now.

"Normally, companies don't pursue a direct listing".

Listen, this whole direct listing thing is definitely making Wall Street's butthole clench, and the hot-takes will be flying in at least one direction when we figure out what this company is actually worth because this is a fun new exercise in bullshit.

While it is unclear when, or if, the service will make it into the black, Spotify has made it clear it is prioritizing growth over profit and is betting that strategy will make its business more valuable in the long run.

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