Photo by Mairo Cinquetti/NurPhoto via Getty Images

Spotify on Wednesday reported a $49 million Q1 operating loss, in its first earnings report since going public last month via a direct listing.

Bottom line: Spotify's numbers were mostly in line with analyst estimates, but the company's stock is still taking an early aftermarket dive.

  • Revenue: $1.36 billion, up 26% year-over-year but down 1% quarter-over-quarter.
  • Monthly active users: 170 million, up 30% year-over-year and 8% quarter-over-quarter.
  • Paid subscribers: 75 million, up 45% year-over-year and 7% quarter-over-quarter. For context, Apple Music has around 40 million paid subscribers.

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Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 million in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.