LONDON/STOCKHOLM, Nov 1 (Reuters) - Spotify, the world’s most popular paid music streaming service, on Thursday reported a modest 5 percent rise in premium subscribers for its third quarter, while revenue and gross margins were roughly in line with market expectations.
Caught short by a global sell-off in major tech stocks over the past month, shares of Spotify have erased their roughly 30 percent gain after the Swedish company’s closely watched U.S. stock market debut in April on the New York Stock Exchange.
Monthly subscribers, which deliver 90 percent of revenue, rose to 87 million, up from 83 million in the quarter ending June, it said. The latest results matched the average forecast in a Thomson Reuters analyst poll. ($1 = 0.8789 euros) (Reporting by Eric Auchard in London, Helena Soderpalm and Olof Swahnberg in Stockholm)