Music streaming giant Spotify to spend $1 bn buying its own stock

Swedish music streaming giant Spotify has announced to spend up to $1 billion between now and April 21, 2026 to repurchase its own shares.

The company would commence a stock repurchase programme beginning in the third quarter of 2021.

“Repurchases of up to 10,000,000 of the Company’s ordinary shares have been authorised by the Company’s general meeting of shareholders, and the Board of Directors approved such repurchases up to the amount of $1.0 billion. The authorisation to repurchase will expire on April 21, 2026,” it said in a statement late on Friday.

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.