Pandora and Spotify Both Surprise Investors as Fortunes Diverge
(Bloomberg) -- What a difference a week makes. Or just a couple of days if you’re in the music-streaming world.
After Spotify Technology posted disappointing growth figures on Wednesday, triggering the stock’s worst decline since its April listing, Thursday afternoon saw marginalized rival Pandora turn in a surprise of its own. Shares of the online-radio company enjoyed their biggest rally ever after it posted a smaller-than-expected loss last quarter, and showed new services are helping add subscribers.
Shares of Spotify continued to fall Friday, taking the two-day decline to more than 9 percent, while Pandora surged 22 percent over the two sessions.
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