Spotify Stock Plummets to $500
This is a news story, published by Yahoo Finance, that relates primarily to Paul Vogel news.
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•Spotify stock is trading at all-time highs just 2 years after a record low. Here's how it got there.
83% Informative
Spotify is on track to hit full-year profitability for the first time ever.
The audio streaming company's market cap is now $100 billion , up from just $15 billion two years ago .
The company's massive business overhaul included mass layoffs and C-suite shakeups to a major strategic shift away from podcasts.
Spotify also announced that CFO Paul Vogel would step down from his position after eight years .
The company introduced a higher-priced audio "bundle" that includes music, podcasts, and audiobooks.
The long-term gross margin goal of 30% to 35% Ek set out for has already been achieved.
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