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Spotify Stock Hits All Time Low After Earnings Call

Spotify Stock Hits All Time Low After Earnings Call

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Spotify newSpotify stock closed at $141.70, down 5.7% on Thursday, after the streamer said that it would continue to sacrifice profit margins to generate growth. The stock downturn came despite a nearly profitable quarter and represents a 30% drop from its IPO day close.

“Operating margin improvement in Q3 was largely due to shortfalls in hiring,” the company said in a statement, along with a pledge to accelerate investments in research and development in features and content during 2019. That, said Spotify will reduce its operating margins “for the foreseeable future.”

MORE: Spotify Passes 191M Users Fueled By Int’l Growth

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