Spotify forecasts third-quarter profit below estimates

Aug 4 : Spotify forecast third-quarter profit below Wall Street estimates on Tuesday, after the streaming giant reported slowing user growth in major markets of Europe and North America, driving shares around 5 per cent lower in premarket trading. The Swedish company has launched AI features like "Personal Podcasts" and new offerings such as "Reserved" to attract more user and fend off competition from rivals including YouTube and Netflix, and AI music startups like Udio and Suno.Spotify said it expects operating income of €670 million ($770.97 million) in the third quarter, below analysts' average estimates of €677.8 million, according to data compiled by Visible Alpha. In the second quarter, its operating income came in at €655 million, beating estimates of €639.2 million, driven by stro