Shares of Spotify Technology S.A. SPOT, +5.71% jumped 1.7% in premarket trading Friday, to bounce off a 14-month low, after the Luxembourg-based digital music service announced a $1 billion stock repurchase program. “This announcement demonstrates our confidence in Spotify’s business and the growth opportunities we see over the long term,” said Chief Financial Officer Paul Vogel. “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.” The announcement comes after the stock closed Thursday at the lowest price since June 17, 2020, as it has tumbled 43.8% since closing at a record $364.59 on Feb. 19. In comparison, the S&P 500 SPX, +0.60% has gained 12.8% since Feb. 19.
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