Pandora and Spotify Both Surprise Investors as Fortunes Diverge
What a difference a week makes. Or just a couple of days if you’re in the music-streaming world.
(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.
--With assistance from Richard Richtmyer
To contact the reporter on this story: Morwenna Coniam in New York at mconiam@bloomberg.net.
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Courtney Dentch
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