Despite missing its first quarter expectations on Tuesday, Spotify SPOT stock has risen +3% since its Q1 report to over $600 a share. That said, investors may be wondering if the rally in the music streaming giant’s stock can continue with SPOT up more than +35% year to date,

Spotify (SPOT) shares sank 6% in premarket trading Tuesday after the Swedish audio streaming giant posted first-quarter profit that badly undershot estimates. The company posted earnings per share (EPS) of 1.

Spotify has increased its subscriber count by 12 per cent year on year to 268 million. This growth comes amid increasing competition in the digital streaming market, which continues to reshape the global music industry landscape.