Shares pared losses and were down between 3% to 9% after the initial shock. “While we have not given full year guidance anymore on subscribers … we don’t expect a material difference in the net additions for either users or subscribers in 2022 relative to 2021,” Vogel told Reuters.

In an interview with Reuters after the report, Spotify Chief Financial Officer Paul Vogel said this year’s growth rate would not be that much different than last in terms of users and subscribers. The company’s shares fell as much as 18% in late trading after Spotify reported the subscriber outlook. Spotify on Wednesday forecast current quarter subscribers lower than Wall Street expectations, but executives sought to reassure investors that growth had not cratered even as it deals with the fallout from the controversy around The Joe Rogan Experience podcast. Mark Zuckerberg, Joe Rogan complain their wives get in the way of work from home Joe Rogan’s call to ‘vote Republican’ sparks demands to boycott Spotify Woke is broke: Rogan, Rowling and Chappelle prove the online mob has no power Joe Rogan’s estranged dad denies being violent with podcaster’s mom: report

Why is spotify stock dropping