SPOTIFY BUYING BACK UP TO $1B IN STOCK
Spotify intends to repurchase up to $1b of its stock in a repurchase program that will begin this quarter.
The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternative investment opportunities. The authorization to repurchase will expire on 4/21/26.
“This announcement demonstrates our confidence in Spotify’s business and the growth opportunities we see over the long term,” said Paul Vogel, Chief Financial Officer at Spotify. “We believe this is an attractive use of capital and based on the strength of our balance sheet, we continue to see ample opportunity to invest and grow our business.”
As part of the program, repurchases can be made periodically using various methods, including open-market purchases.
The announcement helped push the stock price up a couple of percentage points to above $205 in pre-market trading.
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