Spotify narrows losses but disappoints on guidance

New York: Top music streaming platform Spotify said Wednesday that it narrowed its losses in the first quarter, but it disappointed investors by keeping its full-year guidance steady. 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 that it lost €41 million (Dh180.5 million, $49 million) in the three months through March. The losses were down from €139 million in the same quarter a year earlier and figured within the company’s expectations. Spotify said that it still expected to lose 230 to €330 million for the year.