Spotify Surges Past 276 Million Paying Customers, Misses on Second Quarter Sales Estimates

Spotify in the second quarter easily topped Wall Street’s expectations on one metric, by adding eight million paying customers — pushing it to 276 million so-called premium customers overall — but the music and podcast streaming company’s stock price took a big hit in pre-market trading on Tuesday morning after it failed to meet other analyst projections for both sales and earnings.

The Stockholm-based company’s stock price dropped 6% to about $660 per share in pre-market trading on Tuesday...