8/20, 12:12 PM (Source: TeleTrader)
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Spotify launches $1B share buyback program

Spotify Technology S.A. announced on Friday it is launching a share buyback program of up to $1.0 billion.

Under the program, the repurchase of up to 10,000,000 shares has been authorized. It will commence in the third quarter of 2021 and expire by April 21, 2026.

"This announcement demonstrates our confidence in Spotify's business and the growth opportunities we see over the long term. 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," Chief Financial Officer Paul Vogel said.

Baha Breaking the News (BBN) / MD