Spotify's shares PLUNGE after its first earnings report reveals it is still ...

Spotify's shares plunged after its first earnings report revealed it lost $49 million (£36 million/41 million euros) in the three months through March.

This was despite having 75 million paid subscribers - in line with expectations - with another 99 million monthly users on its free, advertising-supported tier.

Spotify shares were down nearly eight per cent two hours after its earnings announcement, up from initial lows. 

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Top music streaming platform Spotify's shares plunged after its first earnings report revealed it lost $49 million (£36 million/41 million euros) in the three months through March 

Filing earnings for the first time in the wake of its listing a month ago on the New York Stock Exchange, the Swedish company said it had narrowed losses since last year. 

The company lost $166 million (£122 million/139 million euros) in the same quarter in 2017. 

Spotify said that it still expected to lose $275 - $395 million (£202 - £291 million/ 230 to 330 million euros) for the year.  

The company's full-year forecast did not adjust despite the rapid growth of music streaming worldwide.

After a robust debut on the market last month, Spotify share prices tumbled in after-hours trade Wednesday. 

The company had projected it would end its first quarter with 73 million to 76 million subscribers in a disclosure made a week before its stock debuted in early April. 

Spotify CEO and co-founder Daniel Ek said that the company saw continuous growth in streaming and that he was not worried by competition from Apple.

'We don't see any kind of meaningful impact of competition,' Mr Ek told reporters and analysts on a telephone call.

'When we look at this, we don't really think that this is a winner-take-all market. 

'In fact, we think multiple services will exist in the market and we are all in a growing market,' he said.

Filing earnings for the first time in the wake of its listing a month ago on the New York Stock Exchange, the Swedish company said it had narrowed losses since last year

Filing earnings for the first time in the wake of its listing a month ago on the New York Stock Exchange, the Swedish company said it had narrowed losses since last year

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