Source: Unsplash 

Spotify Technology SA (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 €3.1 billion in cash and equivalents at the end of Q2 and generated €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.