Spotify is getting hammered after its earnings miss

Spotify shares fell as much as 10% Thursday morning after the streaming-music giant released its first quarterly earnings report as a public company. The bottom-line results were a lot worse than Wall Street was anticipating.

Spotify reported earnings-per-share of -1.01 euros, missing the -0.23 euros consensus. Revenue was 1.14 billion euros, in line with expectations.

The company reported it had 170 monthly active users for the quarter, up 30% year-over-year. The number of paid subscribers, a key number for Spotify's success, was 75 million, up 45% year-over-year. But that didn't impress investors as the stock has been sliding since the earnings release.

Spotify shares were listed on the New York Stock Exchange through a direct offering on April 3 and began trading at $165.90. They've dropped roughly 7% from that level.

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