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Wall Street doesn’t like Spotify’s first-ever earnings report

The streaming music company delivered numbers it had told investors to expect, but the stock is down anyway.

Spotify CEO Daniel Ek
Spotify CEO Daniel Ek
Ilya S. Savenok/Getty Images for Spotify

Here’s a first look at Spotify’s Q1 earnings, which are in line with the guidance it offered up earlier this spring: In its first-ever quarterly report since going public last month, the streaming music company reported revenue of 1.14 billion euros, operating losses of 41 million euros, 75 million paid subscribers and a gross margin of 24.9 percent.

The company had told Wall Street to expect revenue of up to 1.15 billion euros, losses of 50-80 million euros, up to 76 million paid subscribers and a gross margin of up to 24 percent.

(For now, we’ll report Spotify’s numbers in euros, as the Swedish company does in its results, and we’ll convert them into dollars in a bit.)

Investors see something they don’t like, at least for now: SPOT shares are down more than 6 percent in after-market trading.

Perhaps they would like to have seen Spotify handily beat its revenue and subscriber projections. Then again, given that Spotify provided its first guidance with just a couple weeks left in the quarter, it could have been accused of gaming earnings had it dramatically over-performed today.

You should be able to get a better sense of what the Street is concerned about by listening into Spotify’s first-ever earnings call, at 5 pm ET today.

Here’s RBC analyst Mark Mahaney’s cheat sheet, so you can get a sense of what Wall Street was expecting to see.

This article originally appeared on Recode.net.