Key facts
- Spotify projects third-quarter profit below Wall Street expectations.
- Spotify cites slowing user growth in Europe and North America.
- Spotify shares fell approximately 5% in premarket trading.
- Electronic Arts reported first-quarter bookings of $1.35 billion.
- Electronic Arts missed analysts' estimates of $1.48 billion.
- Electronic Arts' performance was impacted by declining engagement in its 'Battlefield' franchise.
Spotify has forecast a weaker-than-expected third quarter, projecting profit below Wall Street's expectations. The streaming giant cited slowing user growth, particularly in the European and North American markets, as the primary reason for this outlook. Following the announcement, Spotify's shares experienced a decline of approximately 5% in premarket trading.