Spotify shares jump 13% on stock exchange debut

Spotify shares jump 13% on stock exchange debut

Spotify's stock started trading on Tuesday in an unusual public offering - one that lacks many formalities, like a traditional roadshow, that help Wall Street figure out what to expect. He was born and raised in Stockholm, where he founded Spotify in 2006. Sweden's flag is blue and yellow.

A banner with the Spotify logo on it is seen as the company lists its stock on the New York Stock Exchange. But on an operating basis, excluding some financial transaction costs, Spotify lost $465 million, 8% worse than the previous year.

In the case of Spotify, it has opted for a so-called "direct listing".

A New York Times article confirmed that the first day of trading was a success and Spotify finished with a valuation of $26.5 billion.

After Spotify launched in 2008, the streaming service company went into the next phase in its venture.

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Like some other major recording labels, Sony Music owns a big chunk of Spotify. Apple Music, the closest rival, in comparison has about 46 million subscribers.

Other big holders of Spotify stock include the investing firms Tiger Global, TCV and the Chinese conglomerate Tencent (which is the only shareholder subject to a unique lock-up arrangement.) Each of those control between 5 percent and 10 percent of the stock. Verna added that Spotify's business model of combining advertising revenue with subscription fees for its on-demand streaming service has "proven to be the most popular" compared with such competitors as Apple and Pandora.

Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE. It's not really been a good time for technology stocks, but on the day of Spotify's debut the Nasdaq closed up 1.06%.

Spotify has yet to turn a profit in its almost 10 years of existence, and the company even warned last week that it might see its sales growth slow in 2018, although it remained hopeful of achieving a lower annual loss. "Spotify has never been a normal kind of company".

Around 30 million shares in the world's largest music streaming service, which has more than 140m active users, were traded on opening day.

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