Spotify co-founder cashes out $85.8m in stock after streamer posts record profit… as songwriters brace for $150m royalty cut this year
Spotify is a profitable company – and the markets are delighted.
The streaming service’s share price shot up around 14% on the NYSE Tuesday (July 23) in response to the news that it had achieved its second consecutive quarter of profit this year, beating its own Q2 guidance for Premium subscribers, gross margin, and operating income.
Spotify’s share price continued to rise on Wednesday before dipping a little on Thursday. At time of publication, SPOT’s market cap on the NYSE stands at USD $65.2 billion, around $23 billion bigger than Universal Music Group‘s equivalent market cap on the Euronext (~USD $42 billion at current exchange rates).
According to new filings with the US Securities and Exchange Commission, prominent Spotify…
