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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

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Spotify posts $44.1m loss

The music streaming service reported a quarterly loss in Q4 of 2021. AFP
  • The company announced a loss of $44.1 million and forecast its first-quarter 2022 gross profit margin would fall to 25 percent from 26.5 percent
  • The company, however, pointed to "continued momentum in our subscription business and meaningful advertising results

Shares of Spotify tumbled Wednesday after the music streaming service reported a quarterly loss and projected lower profit margins in the coming earnings period.

The company announced a loss of 39 million euros ($44.1 million) and forecast its first-quarter 2022 gross profit margin would fall to 25 percent from 26.5 percent.

Its press release made no mention of the controversy surrounding podcaster Joe Rogan, whose statements about Covid-19 vaccines have led to the departures of some high-profile musicians from the service.

However, Spotify said its podcasting platform had seen increased consumer engagement.

“Consumption trends remained strong,” Spotify said of the podcasting service.

The company pointed to “continued momentum in our subscription business and meaningful advertising results,” adding that “we see a tremendous amount of greenfield on the horizon.”

Shares of Spotify have fallen steeply over the last year, along with other “stay-at-home” stocks that benefited from the disruptions to daily life caused by the Covid-19 pandemic.

Spotify’s shares fell 12.7 percent to $167.50 in after-hours trading.