Popular streaming service company Spotify Technology S.A. (SPOT) operates as a provider of audio streaming services globally. The company operates through the Premium segment, offering unlimited online and offline streaming access, and the Ad-Supported segment, providing on-demand online access. It is based in Luxembourg.
In the first quarter of 2022, SPOT added only two million Premium subscribers, one million lower than the expected three million net adds, to reach 182 million. The decline includes the 1.5 million Premium subscriptions loss due to the ceasing of operations in Russia. The stock plunged on the news.
