Spotify hits 300M premium subscribers but shares slide on higher AI costs, outlook

Spotify shares fell 1.7% despite the company reaching a milestone of 300 million premium subscribers in the second quarter. The decline was attributed to rising costs associated with new AI-powered features and a Q3 subscriber growth forecast that was slightly below Wall Street expectations. The streaming giant reported a 14% year-over-year revenue increase to €4.78 billion and a net income of €545 million.