News - 07/11/2018

Spotify plans to buy back up to $1bn in stock

Spotify plans to buy back up to $1bn in stock

Streaming giant Spotify announced a plan to buy back up to $1bn of its stock - representing up to 10m of ordinary shares in the company.

The operation will start in the fourth quarter of 2018 and will go on until April 21, 2021.

In an official statement Spotify explained:

The repurchase program will be executed consistent with the Company's capital allocation strategy of prioritizing investment to grow the business over the long term

The news comes after Spotify’s share price has been experiencing troubles in recent months, amid wider bumpy times for a variety of public technology companies.
 

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