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Spotify Technology SA (SPOT) - Get Spotify Technology SA Report shares were falling after hours Wednesday after the company missed analysts' expectations for the first quarter of 2018.

The stock was down 7.7% to $157 during after-hours trading after closing at $170, up 3.1%, on Wednesday.

The 12-year-old company, which is headquartered in Luxembourg, Sweden, announced its earnings after the closing bell. Spotify reported revenue of €1.14 billion ($1.37 billion), missing analysts' estimate of $1.39 billion, and a net loss per share of €1.01, compared to analysts' estimate of a 39-cent net loss per share.

Spotify also reported 170 million monthly active users, including 75 million premium subscribers and 99 million ad-supported monthly active users, compared with a consensus estimate of 98 million ad-supported monthly active users.

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During the investor conference call Wednesday, co-founder and CEO Daniel Ek said that he doesn't see Apple Inc.'s undefined growing music subscription service Apple Music providing any "meaningful impact of competition.

"We don't see this as a winner-takes-all market," Ek said, adding that he envisions Spotify and Apple Music both having their own respective places in the growing streaming music market.

Ek also said that voice-activated speakers like's (AMZN) - Get, Inc. Report Echo are "an opportunity, not a threat" for the company.

The music streaming giant went public on through a unique direct listing on April 3. The stock opened at $165.90 before declining in the afternoon to close at $149.60, still above the New York Stock Exchange's "reference price" of $132.

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