Spotify depreciates 1.64% with $126.23 as the low of the day

Published: March 19 2023, 13:20 GMT+0

Spotify depreciates 1.64% with $126.23 as the low of the day

Friday at a glance: during Friday's session, Spotify Technology S.A. toiled and struggled for upward momentum before closing at $127.09. By the close, the the video entertainment company suffered a $2.12 or 1.64% loss.

  • Friday's trading volume was 1.41 million shares which is slightly below the 21-day average of 1.72 million.

Friday's closing bell ended a trading session in which Nasdaq stumbles 0.74% before ending the session at 11,631. Spotify ended the day at $127.09, doing worse than the Communication Services sector which saw a 0.216% increase this session.

This year has been a bright one for the music streaming platform after trading as low as $71.05 and going on to appreciate by 47.3% year to date. The Nasdaq has been doing worse in 2022, it has been passing it by 40.46%. Spotify has a market cap of $24.58 billion with an average daily trading volume of 1.72 million shares. Spotify expected revenue of $3.47 billion with an EPS of $-1.27.

Spotify was not the only decliner in the communication services sector; Meta Platforms dips 4.55% Friday to close at $204.93. AT&T lost 1.41% Friday and closed at $18.13.

On the other hand, positive performances could be seen by looking at other communication services stocks as Alphabet traded at $102.46 after closing Friday's trading day at $101.07 (up 1.38%).