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Spotify is getting crushed early Thursday. The stock slid Wednesday afternoon, after the company showed a bad first report card to investors. Thursday, to start the day, the stock is dropping even more.
The freshly public company is expected to report a first quarter loss of $0.31 per share on revenues of $1.14 billion, according to a Bloomberg poll of analysts. In 2017, Spotify lost $5 billion on revenue of $1.5 billion.
Shares of Spotify have slumped 10% from their debut price on Tuesday.
The Swedish music-streaming company's stock began trading shortly before 1 p.m. ET at a valuation of $30 billion.