Benzinga | Aug 20, 2021 07:07AM EDT

Spotify To Reward Shareholders With Fresh Share Buyback Up To $1B

* Spotify Technology SA (NYSE:SPOT) has announced the board's approval to buy back shares up to $1 billion.

* It will begin the share repurchases from Q3 of 2021.

* Last month the Spotify's stock price fell after reporting weaker ARPU and MAU during Q2.

* Spotify held (euro)3.1 billion in cash and equivalents at the end of Q2 and generated (euro)54 million in operating cash flow.

* Spotify stock has lost 34.8% year-to-date.

* Price Action: SPOT shares are up by 1.13% at $207.40 premarket on the last check Friday.