“Although the market has pummeled this position in recent months, falling more than 35% from all-time highs-and has contributed significantly to our negative year-to-date performance-the company is meeting and often exceeding our internal expectations.” “Spotify is a wonderful example of this dynamic,” continues the Q3 2021 report. After emphasizing the investment-management firm’s confidence in “aggregating marginal gains,” the quarterly performance analysis notes that each of the companies in Worm Capital’s “core portfolio” (Tesla, Spotify, Shopify, Airbnb, and Amazon) seeks to take a series of small, gradual steps towards significant growth. Higher-ups at Boulder, Colorado-headquartered Worm Capital made the bold prediction – and explained their positive outlook regarding Spotify’s long-term potential – in a newly published Q3 2021 earnings report.
Though Spotify stock (NYSE: SPOT) has parted with more than one-quarter of its value since the start of 2021, financial professionals at five-year-old Worm Capital are confident that the Stockholm-based audio-entertainment company “will ultimately prove out to be the Google of audio.”
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