Spotify Stocks Fall, Analysts Eye Positive Earnings Call 

The music streaming app Spotify traded on the red at the stock market close. This was because of the launch of Apple One which continues to put weight on its market shares.

The Swedish-developed app instantaneously fell 1.5% after Apple Inc. announced its bundled options for services, lowering the subscription-based Apple Music cost.

In the one trading figure, the firm’s per-share price closed at $238.55, marking a damaging 1.26% setback from previous gains recorded in the past day.

In total, the music service has lost 4.75% for the month of September at the same time where the Business Services sector lost 1.17%, and the index S&P500 advanced by 0.37%.

This is primarily caused by stiffer competition in the market for the same services it offers.

Wall Street analysts forecast a positive outlook for Spotify Premium as it approaches near its earnings report date.

Zacks Consensus Estimates projects a $2.33 billion net sales, translating to an 18.35% hike from figures recorded a year ago.

Similarly, they predicted a healthy $3.78 earnings per share from a revenue of $9.26 billion, representing year-over-year changes playing between -228.7% to +21.78, respectively.

Spotify Premium’s Painful Blow with Apple One Frenzy

Spotify’s shares receive a more painful blow as trading proceeded, falling as much as 7% in a session.

Shares picked up slightly at 3.5% fall to $229.61 after trading in the green in mid-day trading at a 0.35% hike.

Spotify faces risk as Apple launches its latest subscription-based bundles, trying to expand market share.

Currently, Spotify Premium holders hit 138 million in July, juxtaposed against Apple’s modest 60 million.

However, the Nasdaq’s frontrunner has a much bigger marketing prowess to leverage to gain market power in music streaming services.

Spotify’s Chief Financial Officer accused Apple Inc. of monopolistic behavior. He urged authorities to act fast to curb Apple’s anti-competitive stance before it gets irreparable.