Spotify has announced plans to buy back up to $1bn of its stock, representing up to 10m of ordinary shares in the company. It’ll start in the fourth quarter of this year and continue until 21 April 2021. “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,” was how Spotify described the motivation for the move, while noting that it may choose to suspend or end the program at any point if it chooses.
The news comes after Spotify’s share price has taken a bit of a beating in recent months, amid wider bumpy times for a variety of public technology companies.
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