By Dhirendra Tripathi – Spotify stock (NYSE:SPOT) was up 1.7% in Friday’s premarket trading after the streaming company announced a stock repurchase program of up to $1 billion beginning in the third quarter.

The audio streaming and podcast giant said the repurchases can be made from time to time using a variety of methods, including open market exercises.

The authorization to repurchase will expire on April 21, 2026. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, the company said.

The company's stock has faltered in recent months, as an initial surge during the first wave of the pandemic faltered. It closed at a 14-month low on Thursday.

Spotify had cash and cash equivalent of 2.44 billion euro ($2.85 billion) as on this June 30.

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