Spotify stock sinks on weaker-than-expected first quarter subscriber numbers

FILE PHOTO: A smartphone and a headset are seen in front of a screen projection of Spotify logo, in this picture illustration taken April 1, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

STOCKHOLM/LOS ANGELES (Reuters) -Spotify on Wednesday forecast current quarter subscribers lower than Wall Street expectations, but executives sought to reassure investors that growth had not cratered even as it deals with the fallout from the controversy around The Joe Rogan Experience podcast.

The company's shares fell as much as 18% in late trading after Spotify reported the subscriber outlook.