New Delhi, April 28 -- Shares of Swedish audio-streaming giant Spotify Technology crashed 15.20% on Tuesday, 28 April, falling to $420.53 apiece after the company forecast second-quarter earnings and premium subscribers below estimates, even as its first-quarter earnings topped Wall Street expectations.

The audio streaming platform expects operating income of €630 million in the current quarter. The forecast came in lower than its record operating income of €715 million in the first quarter, which beat estimates of €681.6 million, driven by lower payroll taxes.

For the first quarter, Spotify's monthly active users grew to 761 million, up 12% from the same quarter a year ago and above the company's prior guidance of 759...