Also Read: Barack Obama Joins Michelle Obama's Spotify Podcast as Inaugural GuestAfter warning the service had seen a “modest” drop in consumption due to the coronavirus pandemic at the end of the first quarter, Spotify on Wednesday, in its letter to shareholders, said “global consumption hours have recovered to pre-COVID levels.”As mentioned above, Spotify’s stock price dropped to $254.20 in premarket trading — about $45 below its all-time high, hit earlier this month.“Our business performed