Spotify Stocks Close at All-Time Low, as Markets Continue to Fall

Toru Yamanaka/AFP/Getty Images
Daniel Ek, Spotify Co-Founder/CEO

The streaming service has dropped 23 percent in value this month.

Spotify stock fell to an all-time day-close low of $139.11 on Monday (Oct. 29), dropping 4.88 percent as stocks on Wall Street widely continued to tumble.

According to Bloomberg, at the closing rate, Spotify's market cap is now $25.01 billion. The price is just a 6.64 percent dip compared to Spotify's April 3 initial public offering on the New York Stock Exchange, but is down 30 percent from the summer's highpoint on July 26 when stocks traded for $198.99 at a $35.29 billion market cap.

The streaming giant certainly has worldwide market trends to blame for its sinking price, as trade tariffs between the United States and China have raised costs and more may be on the way. As MarketWatch reports, for the month, the Dow is on track to drop 6 percent of its value, the S&P 500 is down 4.7 percent and the Nasdaq is off 10.3 percent so far this month.

Technology companies have taken particularly steep losses during October, with Facebook, Apple, Amazon, Netflix and Google among the hardest hit companies. Since the end of September, those individual stocks have dipped between 4 percent and 20 percent, wiping out almost $400 billion in paper shareholder wealth, according to the Associated Press.

Still, Spotify has taken an especially large hit. Its stocks have dropped 23.1 percent in this time, losing $6.92 billion in market cap, according to data from YCharts.

On Thursday, Spotify will hold a quarterly earnings call with investors. At the company's last earnings report, it reported $1.49 billion in revenue for Q2 2018, up 26.4 percent year-over-year and 12 percent compared to the previous quarter.


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