Looks like getting rid of Harry and Meghan cost Spotify.
The music streaming giant said Tuesday, in a keenly awaited quarterly trading update, that dumping various podcast shows was a significant contributory factor in almost $50 million in charges.
The streamer’s shares nosedived by up to 15 percent on Tuesday as the market absorbed an unexpectedly pessimistic update that said in part: “Gross Margin was 24.1% in Q2…due to €44 million in net charges primarily related to the shut down of various podcast shows and the impairment of excess real estate.
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