Spotify announces stock repurchase program, offers up to $1 Billion
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Spotify announces stock repurchase program, offers up to $1 Billion

Romar Fernando

September 8, 2021

  • 9-9-2021-SPOTIFY-ANNOUNCES-REPURCHASE-PROGRAM,-OFFERS-UP-TO-$1BILLION

    Streaming service platform Spotify has announced the launch of a stock repurchase program beginning in the third quarter of 2021, August 20, Friday.

    The repurchase program have been authorized by the company through a general meeting of shareholders where the board of directors has approved up to $1.0 billion of repurchases. The authorization to repurchase will expire on 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,” said Paul Vogel, Spotify’s Chief Financial Officer.

    In a statement, Spotify Technology S.A. shared that 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.

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