Spotify Technology (NYSE: SPOT) delivered its quarterly earnings before the market opened on April 29. Investors were hoping for a report that would approximate that of Netflix Inc. (NASDAQ: NFLX), which confirmed the bullish outlook for NFLX stock.
Spotify fell short of that. The report wasn’t bad by any means, but investors frequently hear what they want to hear. So when the company reported a slight miss in operating income and other numbers that met, but didn’t exceed the company’s guidance, the stock dropped over 8% immediately following the report.
However, in the days following, SPOT stock has recovered nearly all of that loss. That has investors wondering if the stock will push to a new all-time high. There’s good reason to believe it can.
