Spotify's growth is slowing a bit and Wall Street is worried 😬

It’s tech earnings time — and Spotify closed the second quarter with 165 million paid subscribers — a tad lower than the markets were expecting. Stock was promptly hammered down nearly 8% in New York.

Quick look:

• Revenue of €2.33B, up 23% YoY
• Has 365M monthly active users

Spotify’s advertising revenues grew by nearly 110% — thank to those annoying ads that may be put there by Satan himself. If you’re a shareholder though, it’s all cool.

Why care so much — weeks ago Netflix had come short on its number of paid subscribers too, which is making investors a bit cautious on whether they’ve been too optimistic in judging addressable markets for these subscription products — especially as competition increases.