Market close on Thursday saw Spotify Technology SA (NYSE: SPOT) stock closing at $234.86, down $0.49 (0.21%).
The Swedish firm reached 365 million monthly active users (MAUs) in the second-quarter results, up 22% year-on-year (YOY). While 22% growth is certainly impressive, it fell short of its stated target of 366-37 million MAUs. Besides that, the remainder of the company’s financial performance beat expectations, with overall revenue increasing by 23% YOY.
Since its earnings report in July, the company has been on a rocky road, and over the last month, SPOT has traded in a pretty wide range of $222.48 – $263.59. It is currently trading in the middle of this range, indicating that traders may find some resistance above the current price.