Illustration: Sarah Grillo/Axios
Spotify reported double-digit percentage growth in paid subscribers and monthly active users in its first-quarter results, but shareholders did not cheer the news.
Why it matters: Despite a controversial quarter that saw Neil Young pull his music in protest of Joe Rogan, Spotify beat analysts' expectations on sales, monthly active users and operating profit, per Bloomberg's compiled estimates, and surpassed most of its own guidance.
