But not long after its stock hit its peak, Spotify correctly worried that covid-19 uncertainties and uneven recoveries from the pandemic would make 2021 a rocky year. The stock price dropped almost consistently through the year, as the growth in monthly active users slowed. Some analysts theorized that Spotify’s decision to hike its subscription prices in 30 markets in April 2021, in a bid to boost revenues, dissuaded new users from signing up; in an earnings call in July, Paul Vogel, Spotify’s CFO, argued instead that technical glitches had been behind the problem.

Spotify’s stock surged briefly again after its third-quarter results, in October 2021, when the company showed strong user growth once more. But then another slow slide, leading to a 52-week low for the share price by the end of January.

On Feb. 2, the company is likely to report a slate of solid results; one forecast showed unique visitors growing by 20% quarter-on-quarter, and analysts thought Spotify would either meet or exceed revenue expectations. But the controversy swirling around the Joe Rogan podcast could dog the stock nonetheless, pushing its price down even in the wake of a fine quarter.

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