Spotify: launch of share buyback program sends stock up
(CercleFinance.com) - Spotify said on Monday that its board has authorized a share buyback program of up to 1 billion dollars, which sent its stock up 2% in pre-market trading.
The repurchase program will expire in April 2021, the music-streaming company said.
The repurchase authorization comes after the Stockholm-based firm reported an increase in both users, revenue and margins for the third-quarter last week.
However, the numbers failed to impress investors, and the shares have fallen by over 7% since the quarterly report.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The repurchase program will expire in April 2021, the music-streaming company said.
The repurchase authorization comes after the Stockholm-based firm reported an increase in both users, revenue and margins for the third-quarter last week.
However, the numbers failed to impress investors, and the shares have fallen by over 7% since the quarterly report.
Copyright (c) 2018 CercleFinance.com. All rights reserved.